Plenitude (Eni) and HitecVision have signed an agreement to expand their Norwegian renewable energy joint venture (JV), Vårgrønn. Vårgrønn will be transformed into a tangible, full-cycle offshore wind player by the partners. The JV intends to have a total installed and sanctioned offshore wind capacity of 5GW by 2030, with a primary focus on markets in Northern Europe.
In accordance with the deal, Plenitude will sell Vårgrønn its 20 per cent stake in the 3.6 GW Dogger Bank offshore wind farm in the UK, together with its other early-stage projects in Vårgrønn’s key markets. The agreement will enable Vårgrønn to expand its portfolio by 720 MW of net capacity. Additionally, HitecVision has agreed to increase its stake in Vårgrønn from 30.4 per cent to 35 per cent, with Plenitude holding the remaining 65 per cent.
In 2020, Eni and HitecVision formed a joint venture for green energy projects in the Nordic region, Vårgrønn. This new venture would focus on the development of new green energy projects in Norway and the Nordic market, with a major role in the development, construction, operation and financing of these assets.