Netherlands

Netherlands

Vattenfall to sell Hollandse Kust Zuid stake

Swedish developer Vattenfall aims to reduce its stake in the 1.5GW subsidy-free Dutch offshore project to 'balance the huge investment costs of future assets'

Vattenfall, through its Dutch subsidiary Nuon, built Egmond aan Zee, the Netherland's first offshore wind project
Vattenfall, through its Dutch subsidiary Nuon, built Egmond aan Zee, the Netherland's first offshore wind project

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Vattenfall is looking to sell a stake in its subsidy-free 1.5GW Hollandse Kust Zuid wind farm off the Dutch coast.

A company spokesman told Windpower Monthly it was too early to confirm the size of stake for sale.

He also would not confirm whether a potential sale might alter the planned 2021 start for construction or the planned completion date of 2023.

Vattenfall made a final investment decision on the project earlier this summer, having secured permits for its construction in two tenders in 2018 and 2019. Hollandse Kust Zuid is believed to be valued at $3.9 billion (€3.3 billion) – making it the most expensive offshore wind farm to receive a final investment decision this year.

The developer – and any co-investors – will receive only the market price for electricity produced by 1500MW Hollandse Kust Zuid 1-4 Hollandse Kust Zuid 1-4 (1500MW) OffshoreNetherlands, Europe Click to see full details. They will not receive any government subsidies for electricity generation.

The Vattenfall spokesman said the company was “just at the beginning of the process to attract potential partners or co-investors”, and explained that this would help it to “balance the huge investment costs of our future assets”.

He added: “Strong investors will support us to drive the transformation of the energy landscape, since it will open up financial space for new investments in renewables and decarbonisation.”

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