As lenders technical advisor (LTA) for the 1.5 GW Hollandse Kust Zuid Offshore Wind Project in the Netherlands, offshore wind firm OWC
has been hired.
OWC has been supporting the project as LTA on behalf of BASF and Allianz Capital Partners (ACP). As part of the scope of work, OWC 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 currently 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 the windfarm Hollandse Kust Zuid (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 September 1, 2021.
The project will be the world’s biggest offshore wind project upon completion. The 1.5 GW project is around 20 kilometers 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. It will be the first offshore wind farm built without a government subsidy. The project has started construction in July 2021 and will be fully operational in 2023.
OWC 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.