Vattenfall has started building the 1.5 GW Hollandse Kust Zuid 1-4 offshore wind project located off the coast of The Hague and Zandvoort in the Netherlands. The Swedish energy group was awarded permits for the construction of Hollandse Kust Zuid after winning two subsidy-free tender rounds in 2018 and 2019. The wind plant will consist of 140 turbines of 11 MW supplied by Siemens Gamesa Renewable Energy (SGRE). The final investment decision was taken in June 2020 and commissioning is expected in 2023. The project will be connected to two offshore substations operated by Dutch TSO TenneT. The project will be the first fully merchant offshore wind project in the world, receiving no subsidy for its power generation.
In June 2021, Vattenfall signed an agreement with BASF to sell a 49.5% stake in the project in the Netherlands to BASF for €0.3bn (plus €1.3bn to be invested by BASF in the construction of the project). The transaction is expected to be completed in the fourth quarter of 2021, subject to regulatory approvals.