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HitecVision raises funds for offshore wind joint venture

4C Offshore | Tom Russell
By: Tom Russell 12/08/2022 HitecVision
HitecVision announced that it has held a final close on the HitecVision New Energy Fund (NEF), oversubscribed at the Fund's hard cap of €875 million, exceeding its EUR 500 million target. In addition, €175 million in co-investment capital has been raised for Vårgrønn, the Fund's first offshore wind investment, meaning that HitecVision will deploy €1.05 million for its new energy transition strategy.

The New Energy Fund is HitecVision's first non-oil & gas fund, and has already deployed €540 million across three investments in onshore and offshore wind power, district heating with carbon capture, and other energy transition initiatives.


Among the Fund's investors are: AIMS Imprint group of Goldman Sachs Asset Management; Ardian; Första AP-fonden (AP1); KLP; LACERA (Los Angeles County Employees Retirement Association); Manulife Financial Corporation and Sparebank1 Forsikring.


Ole Ertvaag, Founding Partner and CEO of HitecVision, comments: "The world's transition from fossil fuels to a new energy system will need significant investment over the next decades. The New Energy Fund is the first HitecVision fund to address this market, and in the future, all our new portfolio companies will be companies that contribute to the energy transition. We are however also immensely proud of our legacy from the oil and gas industry, and we intend to remain a good owner for our existing portfolio companies in that industry and their thousands of employees, as we transition to a low carbon economy."


Vårgrønn, established in 2020, is a offshore joint venture between Plenitude (Eni) and HitecVision, targeting 5 GW of installed and sanctioned offshore wind capacity by 2030. It has a focus on key Northern European markets.

Back in June it was announced that Vårgrønn will acquire Eni's 20% interest in the Dogger Bank in the UK. Furthermore, HitecVision increasef its ownership share in Vårgrønn from 30.4% to 35% through the transaction, while Eni retains the remaining 65%.

Vårgrønn is also positioned in the Norwegian offshore wind market, being part of consortiums for each of the upcoming license rounds 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 (GIG)) and the Norwegian utility company Agder Energi.

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