Plenitude, HitecVision strengthen strategic cooperation in offshore wind through expansion of Vårgrønn

June 30, 2022
Partners aim to turn joint venture Vårgrønn into a material full-cycle offshore wind player.

Offshore staff

MILAN/STAVANGERPlenitude (Eni) and HitecVision say they have agreed to expand their Norwegian renewable energy company, Vårgrønn. The partners’ joint ambition is to build Vårgrønn into a material 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 Dogger Bank (U.K.) as well as Plenitude’s other early-stage initiatives in Vårgrønn’s key markets. Moreover, HitecVision will increase its ownership share in Vårgrønn from 30.4% to 35% through the transaction, while Plenitude will retain the remaining 65%.

Once completed in 2026, Dogger Bank will be the world’s largest offshore wind farm. 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 six million homes. Through this transaction, Vårgrønn will invest into the most mature area for offshore wind globally, adding 720 MW net to its portfolio.

Vårgrønn was established by Eni and HitecVision in 2020 to actively 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.