The partners announced that Mingyang will hold 90% and BASF 10% of the shares. The windfarm, which will be located in Zhanjiang Municipality of Guangdong province, will have a total installed capacity of 500 MW. Subject to construction approval from the relevant authorities, the wind farm is scheduled to be fully operational in 2025. BASF said that the majority of the power generated will be used to supply renewable electricity to its Zhanjiang Verbund site.

Martin Brudermüller, CEO of BASF, commented: “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.”

In addition to contributing relevant amounts of renewable electricity for BASF’s Zhanjiang Verbund site, the project is also expected to foster innovation. The wind power industry can benefit from safer and more cost-effective technologies by leveraging BASF’s advanced materials and Mingyang’s competence in renewable energy development, the partners explained.

“Accelerating net-zero emissions is a globally shared vision for a sustainable and livable world. Mingyang is committed to continuous technological innovation and is working with partners to promote decarbonization project initiatives. As a partner of BASF, Mingyang will provide its expertise in clean energy equipment and solutions to help create more green lighthouse projects, promote sustainable development in the chemical industry, and accelerate eco-friendly, green and low-carbon development,” commented Zhang Chuanwei, founder and CEO of Mingyang.

The Zhanjiang Verbund site – BASF’s third-largest Verbund site worldwide – will be the company’s largest investment with up to €10 billion upon completion.