Plenitude (Eni) e HitecVision today they announce an agreement that provides for the expansion of the activity of the Norwegian joint venture Vårgrønn, a company operating in the renewable energy sector. The objective of the two partners is to consolidate the presence of Vårgronn among the most important players in the offshore wind sector, aiming for 5 GW of installed and sanctioned capacity by 2030, and to focus on the main Northern European markets.
As part of the agreement, Vårgrønn will acquire its 20% stake in Dogger Bank (UK) from Plenitude, along with other early stage development initiatives in the company's main markets. Furthermore, thanks to this operation, HitecVision will see its stake in Vårgrønn increase from 30,4% to 35%, while Plenitude will keep the remaining 65%.
Once the start of production is completed in 2026, Dogger Bank will be the largest offshore wind farm in the world. The three phases of the project (A, B and C) envisage an overall installed capacity of 3,6 GW, capable of generating enough renewable energy to power 6 million homes. Through this transaction, Vårgrønn will invest in the most mature area of the offshore wind sector globally, adding 720MW net capacity to its portfolio.
Vårgrønn was formed by Eni and HitecVision in 2020 to actively participate in the energy transition, leveraging their long-term partnership that led to the joint development of Vår Energi, transforming it into a high value-added collaboration and one of the largest companies operating on the Norwegian Continental Shelf.
Today Vårgrønn is positioned in the Norwegian offshore wind market, where it will participate, through consortia, in all the upcoming tenders for the granting of licenses in the Utsira Nord and Sørlige Nordsjø II areas. With regard to Utsira Nord, Vårgrønn has signed an agreement with Equinor while with regard to Sørlige Nordsjø II the Company has signed a collaboration with Corio Generation (formerly Green Investment Group) and with the Norwegian utility Agder Energi.
Erlend Basmo Ellingsen, Senior Partner and Head of Investment Team of HitecVision, commented: "This is a strategic operation for HitecVision, which strengthens the collaboration with our historical partner Eni, creating an international player in offshore wind. in line with our strategy of developing successful companies to support the energy transition towards carbon neutrality. The transaction will allow Vårgrønn to access the British offshore wind market, thanks to the acquisition of a stake in the strategic asset Dogger Bank, located in the heart of the North Sea basin and which counts Equinor and SSE among its main partners ".
Stefano Goberti, Chief Executive Officer of Plenitude, commented: “With this agreement, Plenitude strengthens its presence in the offshore wind sector, in line with its goal of reaching 15 GW of renewable capacity by 2030. Our long-standing partnership term with HitecVision has proven capable of creating value. With the expansion of Vårgrønn, we aim to build a focused and financially independent development platform, with a diversified portfolio of assets in Northern Europe and the ability to rapidly expand into the offshore wind market, which is expected to have exponential growth in the next years".
Olav Hetland, CEO of Vårgrønn, concludes “We are looking forward to expanding our portfolio and joining a high profile partnership with Equinor and SSE to start production of Dogger Bank. We appreciate the confidence placed by our shareholders who are willing to concentrate their efforts in the field of European offshore wind through the expansion of Vårgrønn ”.
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About Plenitude
Plenitude is a Benefit Company, an outpost of Eni's decarbonisation strategy. It currently provides energy to around 10 million customers, integrating the traditional sale of electricity and gas with the production of renewable energy, services for energy efficiency and electric mobility. It is present today with its activities in Italy, France, Greece, Slovenia, Spain, Portugal, United Kingdom, Norway, United States, Kazakhstan and Australia. The Company aims to achieve carbon neutrality by 2040 and to provide 100% decarbonised energy to all customers. In particular, its strategy foresees completely decarbonised electricity sales to retail customers (B2C) already this year and to supply all customers with decarbonised electricity by 2030 and decarbonised gas by 2040.
About HitecVision
HitecVision is a Norwegian investment firm specializing in private equity and serial entrepreneur. With 7 billion euros of assets under management, it represents one of the most important investors in the European energy sector. Over the past 25 years, HitecVision has promoted or collaborated in the development and growth of more than 200 companies. In recent years, HitecVision has focused on opportunities related to the energy transition, where collaboration with established industrial players is an integral part of the company's business model.
Information about Vårgrønn
Vårgrønn is a Norwegian-based agile company operating in the offshore wind and energy transition sector through the development, construction, operation and ownership of offshore wind energy infrastructure. Vårgrønn is a joint venture between the energy company Plenitude and the Norwegian investment firm HitecVision. Both companies have a long experience in the offshore power generation industry and are very committed to promoting the energy transition. Vårgrønn has a unique expertise in offshore rigs, financial expertise and an entrepreneurial spirit.