Eni-owned Plenitude and HitecVision have announced a raft of changes at Vårgrønn, the Norwegian offshore wind company they co-own
The partners said their joint ambition is to build Vårgrønn into a full cycle offshore wind player, targeting 5 GW of installed and sanctioned offshore wind capacity by 2030, with a focus on key Northern European markets.
As part of the agreement, Vårgrønn will acquire Plenitude’s 20% interest in the Dogger Bank offshore windfarm in the UK, as well as Plenitude’s other early-stage initiatives in Vårgrønn’s key markets.
HitecVision will increase its ownership share in Vårgrønn from 30.4% to 35% through the transaction, with Plenitude retaining the remaining 65%.
HitecVision senior partner and head of investment Erlend Basmo Ellingsen said, “This is a strategic transaction for HitecVision, expanding our relationship with our long-term partner Eni, creating an international offshore wind player in line with our strategy of building successful companies to support the transition to net zero.
“Through the transaction, Vårgrønn will enter the UK offshore wind market through the ownership in the strategic asset Dogger Bank, located at the core of the North Sea basin with strong partners in Equinor and SSE.”
Plenitude chief executive Stefano Goberti said, “With this agreement, Plenitude is strengthening its footprint in the offshore wind space, with a target of reaching 15 GW of renewable capacity by 2030.
“Our long-term partnership with HitecVision has proven able to create significant value. By expanding Vårgrønn, we aim to raise a focused and financially independent development platform with a diversified portfolio of assets in the Northern Europe and with the capacity to rapidly build scale in the offshore wind market that is expected to grow exponentially in the coming years.”
Once completed in 2026,Dogger Bank will be the world’s largest offshore windfarm. The three phases of the project (A, B and C) will have a combined installed capacity of 3.6 GW, generating enough renewable energy to power 6 million homes. Through the transaction, Vårgrønn will invest in the most mature area for offshore wind globally, adding 720MW net to its portfolio.
Vårgrønn was established by Eni and HitecVision in 2020 to participate in the energy transition, building on their long-term partnership from jointly developing Vår Energi to become a value accretive cooperation and one of the largest companies on the Norwegian Continental Shelf.
Today, Vårgrønn is part of consortiums bidding in each of the upcoming license rounds in Norway for the Utsira Nord and Sørlige Nordsjø II areas.
At Utsira Nord, Vårgrønn has entered into a collaboration agreement with Equinor. At Sørlige Nordsjø II, Vårgrønn has entered into a collaboration agreement with Corio Generation (formerly Green Investment Group) and the Norwegian utility company Agder Energi.
