BASF has reached financial close on a complex €1.2 billion M&A and non-recourse project financing transaction for the acquisition of a 49.5% stake in Vatenfall's Hollandse Kust Zuid offshore wind farm project, the subsequent sale of 51 percent of its stake to Allianz Capital Partners and construction of the project. The financing was provided by a club of international lenders and it is an example how M&A and project financing techniques can be used to support the transition of an industrial company.The project is expected to become fully operational in 2023 and is the first non-subsidised wind farm project in the Netherlands. Once fully operational, Hollandse Kust Zuid will be the largest offshore wind farm in the world with 140 wind turbines and a total installed capacity of 1.5 gigawatts.BASF is acquiring the power produced from the wind farm for its ownership share through a long-term power purchase agreement.