(Reuters) – BASF on Tuesday flagged a non-cash effective disposal loss of around 300 million euro ($324 million) for its first quarter earnings, following the sale of its stake in two wind farm projects in the German North Sea to Sweden’s Vattenfall.
The German chemicals group said it agreed to sell back its 49% stake in the Nordlicht cluster, Nordlicht 1 and 2, securing a long-term renewable electricity supply from the Swedish power utility as part of the deal.
($1 = 0.9259 euros)
(Reporting by Marleen Kaesebier in Gdansk; Editing by Riham Alkousaa)
