Offshore wind consultancy OWC has been appointed as the lenders technical advisor (LTA) on the 1500MW Hollandse Kust Zuid (HKZ) offshore wind project in the Netherlands.
OWC is supporting the project as LTA on behalf of BASF and Allianz Capital Partners (ACP).
As part of the scope of work, OWC has performed technical due diligence on all aspects of the project design, delivery, and operations, concluding to a comprehensive report at financial close for lenders and ensuring, as part of the construction monitoring, that permitting, design, manufacturing, and construction expenditure progresses are in line with project lenders’ assumptions.
ACP and BASF have agreed on the purchase of 25.2% of HKZ by Allianz in December 2021, which followed a transaction between Vattenfall and BASF under which BASF acquired 49.5% of HKZ from Vattenfall on 1 September 2021.
The project will be the world’s biggest offshore wind project upon completion.
The 1.5GW project is around 20 km from the Dutch coast between the Hague and Zandvoort.
It will feature 140 Siemens Gamesa 11MW SG DD-200 wind turbines and two offshore wind substations.
HKZ will be the first offshore wind farm built without a government subsidy.
The project will be fully operational in 2023.