BASF will take a near half-share in one of the world’s largest offshore wind projects and use the power to help green its operations, in a major move by the chemicals industry into renewable asset ownership.

BASF agreed to buy a 49.5% stake in Swedish developer Vattenfall’s 1.5GW Hollandse Kust South project in the Dutch North Sea, with its share of power production from the project going to help decarbonise giant chemical plants such as Antwerp Verbund in Belgium.