Eni’s low carbon affiliate Plenitude and Norway’s HitecVision have agree to expand their Norwegian renewable energy company Vårgrønn, targeting 5 GW of installed and sanctioned offshore wind capacity by 2030.
Vårgrønn, established in 2020, will acquire Plenitude’s 20% interest in the 3.6 GW Dogger Bank offshore wind farm (UK North Sea), that is expected to be completed in 2026. Vårgrønn will also acquire Plenitude’s other early-stage initiatives in Vårgrønn’s key markets. This transaction will allow Vårgrønn to add 720MW net capacity to its portfolio.
HitecVision will increase its ownership share in Vårgrønn from 30.4% to 35% through the transaction, while Plenitude will retain the remaining 65%. This decision is also expected to help Plenitude reach its target of 15 GW of renewable capacity by 2030.
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