Offshore wind consultancy OWC conducted a full technical due diligence of the 1.5 GW Hollandse Kust Zuid offshore wind farm to support BASF’s acquisition of a 49.5 percent ownership share in the project.
OWC undertook a full scale technical due diligence of the project, including analysing the design, supply and construction contracts, assessing the technical risks that could impact the projects profitability, from the non-binding offer to preferred bidder stage.
This transaction adds to OWC recent technical due diligence experience, now totalling 6.4 GW of projects across Europe and Asia.
“OWC’s experience in supporting the development and construction of offshore wind farms in Europe, Asia and the US, gives our due diligence team the know-how necessary to successfully translate technical risks into the necessary commercial considerations during a transaction process.”Wilhelm Sander, managing director of OWC in Germany, who was in charge of the project.
The project will be the world’s biggest offshore wind project upon completion. The 1.5 GW project is 11 kilometres from the Dutch coast between The Hague and Zandvoort. It will feature 140 Siemens Gamesa 11MW SG DD-193 wind turbines and two offshore wind substations. It will be the first offshore wind farm built without a government subsidy. The project will start construction in July 2021 and be fully operational in 2023.
“This project is part of BASF’s strategy to reduce the emission of its operations and a step towards achieving carbon neutrality. We are delighted to have been able to provide advice and support during this competitive process. As it is BASF’s first offshore wind project, which includes the construction risk associated with such a large build-out, it is important to choose the right advisors,” adds Wilhelm Sander.
OWC, part of Oslo-listed AqualisBraemar LOC ASA, is a specialist consultancy that helps develop and deliver offshore wind projects and investments for developers and investors in all global markets. The company offers project development services, owner’s engineering and technical due diligence to the offshore renewables sector.