Vårgrønn acquires Eni's share of Dogger Bank

4C Offshore | Tom Russell
By: 30/06/2022 Eni
Plenitude (Eni) and HitecVision have unveiled plans 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 Eni's 20% interest in Dogger Bank (UK). Located off the north-east coast of England, Dogger Bank Wind Farm is being built in three 1.2 GW phases,
Dogger Bank A, Dogger Bank B, and Dogger Bank C. Through this transaction, Vårgrønn will invest into the most mature area for offshore wind globally, adding 720MW net to its portfolio. As well as Dogger Bank, Vårgrønn will acquire Eni's other early-stage initiatives in its key markets.

HitecVision will increase its ownership share in Vårgrønn from 30.4% to 35% through the transaction, while Eni will retain the remaining 65%.

Vårgrønn, established in 2020, is 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) and the Norwegian utility company Agder Energi.

Erlend Basmo Ellingsen, Senior Partner and Head of Investment Team in HitecVision, commented: “This is a strategic transaction for HitecVision, expanding our relationship with our long-term partner Eni by 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.”  

Stefano Goberti, CEO of Plenitude, commented: “With this agreement, Plenitude strengthens its footprint in the offshore wind space consistently with its 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”

Olav Hetland, CEO of Vårgrønn, commented: “We look forward to building our portfolio and to joining this world class partnership with Equinor and SSE towards first production from Dogger Bank. We appreciate the trust from our shareholders to focus their European offshore wind efforts through the expansion of Vårgrønn.”

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