Published: 06 July 2022 06 July 2022
Plenitude (Eni) and HitecVision have announced an agreement 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 (UK), as well as Plenitude’s other early-stageinitiatives 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%. Vårgrønn was established by Eni and HitecVision in 2020.