German chemical giant BASF and Chinese wind turbine manufacturer Mingyang Smart Energy Group have agreed to jointly construct and operate an offshore wind farm in Zhanjiang, Guangdong province.

They have formed a joint venture named Mingyang BASF New Energy (Zhanjiang) Co, with Mingyang holding 90 percent and BASF 10 percent of the shares, BASF announced on Friday.

The wind farm will have an installed capacity of 500 megawatts and is expected to be fully operational in 2025, with the majority of the power generated to be used by BASF Zhanjiang Verbund site.

It marks the first Sino-German offshore wind farm project involving development, construction and operation.

"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," said Martin Brudermuller, chairman of BASF SE.

Zhang Chuanwei, founder and chairman of Mingyang, said: "Accelerating net-zero emissions is a globally shared vision for a sustainable and livable world. 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."