The new joint venture will operate in the renewable energy sector
Eni and HitecVision, a leading investor in the private equity sector, today announce the birth of a new company, Vårgrønn, focused on renewable energy projects in Norway and the Nordic market.
Vårgrønn, founded on the wide-ranging collaboration between Eni and HitecVision which has already led to the establishment of Vår Energi, a leading company in the exploration and production of hydrocarbons in Norway, aims to become one of the largest companies in the development, construction, management and financing of renewable energy projects in the country. As a first step, the company intends to pursue the opportunities offered by the offshore wind sector by participating in the upcoming bids for offshore licenses in Norway and supporting the decarbonisation of Vår Energi's upstream assets. Furthermore, Vårgrønn will explore opportunities in renewable energy, with the long-term ambition of reaching an installed capacity of around 1 GW in 2030.
Olav Hetland, former head of offshore wind activities of Statkraft, Europe's largest renewable energy producer, appointed CEO of Vårgrønn, comments: “We are looking forward to entering the new offshore wind market in Norway, using the expertise and the experience accumulated over decades in the Norwegian oil sector ”.
Vårgrønn represents a strategic step forward in the energy transition process pursued by Eni and HitecVision. Indeed, both companies are world-class players in the energy sector and are strongly committed to contributing to the transition.
Eni has outlined a new phase of evolution of its business model that aims at creating value by combining economic and financial sustainability with environmental sustainability.
Massimo Mondazzi, Eni's General Manager Energy Evolution, declares: “This new joint venture is part of Eni's overall strategy for decarbonisation and contributes to the advancement of our transformation path towards green energy and the circular economy. Offshore wind projects can offer Eni the opportunity to further develop its offshore skills, implement innovative technologies and promote digitalization along the entire renewable energy value chain. "
The Norwegian government, by allowing private companies to apply for licensing rights in offshore renewables, marked an important step towards the creation of a national offshore wind industry. HitecVision is the largest private investor in the hydrocarbon sector in Norway and has announced its goal to make an important contribution to the energy transition through future investments in renewable energy and infrastructure.
“Norway, as a global leader in offshore operations and a major energy producing country, is able to develop an important offshore wind sector, with significant value creation. We see this opportunity as an interesting investment case, ”says Ole Ertvaag, CEO and founding partner of HitecVision.
Vårgrønn is held by Eni with a 69,6% stake, and by HitecVision with a 30,4% stake.