German chemicals firm BASF and China’s Mingyang Group have agreed to jointly build and operate an offshore wind farm in South China.
A joint venture named Mingyang BASF New Energy will be 90% owned by Mingyang with BASF holding the remaining stake. The wind farm in Zhanjiang Municipality of Guangdong province is planned to have a total installed capacity of 500 MW and be operational by 2025.
This is the first Sino-German offshore wind farm project involving development, construction and operation. The majority of the power generated will be used to supply renewable electricity to the BASF Zhanjiang Verbund site. The site will be BASF’s largest investment with up to €10bn upon completion. It will be operated under the sole responsibility of BASF and will be the company’s third-largest Verbund site worldwide.
“BASF wants to achieve net zero carbon emissions by 2050 globally. This offshore wind farm in Zhanjiang clearly demonstrates BASF’s commitment to achieving its climate goals and is a lighthouse project on BASF’s pathway to net zero. Furthermore, the project will contribute to China’s green transformation in the chemical industry and to the country’s carbon reduction ambition,” said Dr. Martin Brudermuller, chairman of BASF.