BASF and Brookfield have concluded a 25-year fixed-price renewable electricity supply agreement to purchase the solar and wind power for the BASF Zhanjiang Verbund site in China under the Renewable Energy Trading Rules in Guangdong Province.
Such a long-term fixed-price deal for the trading of renewable electricity is unusual, allowing Brookfield to develop and build dedicated new solar and wind farms as well as possible storage solutions to support the renewable energy demands of the site with a fixed cost mechanism for 25 years.
Announced in July 2018 and officially commenced in November 2019, the BASF Zhanjiang Verbund site will be the company’s largest investment with €8 to €10bn upon completion and will be operated under the sole responsibility of BASF. The site would ultimately be the third-largest BASF site worldwide.
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