Vårgrønn acquires stake in world’s largest offshore wind farm
Vårgrønn, a joint venture between the Italian energy company Plenitude and HitecVision, acquires Plenitude’s 20% stake in Dogger Bank A, B and C, turning the energy company into a full-cycle European offshore wind developer and Norway’s largest of its kind. The transaction also includes Plenitude’s other early-stage initiatives in Vårgrønn’s key markets, and the increased ambition of at least 5 GW of installed or sanctioned offshore wind capacity by 2030.
“We are pleased to complete the transaction and appreciate the trust from our shareholders to focus their offshore wind efforts in Northern Europe through the expansion of Vårgrønn. We look forward to a strong cooperation with our experienced partners SSE Renewables and Equinor to construct and operate the world’s largest offshore wind farm. Vårgrønn will actively contribute to the project’s success while Dogger Bank learnings will enrich the skills and experience of the Vårgrønn’s team and make us an even stronger partner in the race for licenses in all our key markets” says Olav Hetland, CEO of Vårgrønn.
Once completed in 2026, Dogger Bank will be the world’s largest offshore wind farm. The three phases of the project (A, B and C) will have a combined installed capacity of 3.6 GW, generating enough renewable energy to power 6 million homes. Through this transaction, Vårgrønn will invest into the UK, the most mature area for offshore wind globally, adding 720 MW net to its portfolio.
The North Sea is an ocean of energy and pivotal in securing energy and driving the green transition in Europe. Dogger Bank A (1.2GW) will be feeding first power to grid already next year. In addition to enabling the UK to reach climate targets and generate renewable electricity to consumers, the project will also attract large investments and create jobs in the UK.
Vårgrønn and its owners, Plenitude and HitecVision, announced in June an agreement to increase Vårgrønn’s ambition to 5 GW of installed and sanctioned offshore wind capacity by 2030. HitecVision has, as part of the transaction, increased its ownership share in Vårgrønn from 30.4% to 35%, while Plenitude will retain the remaining 65%. In order to deliver on its ambitious strategy, Vårgrønn will open a London office and is hiring new talents and experts with a plan to double the organisation by end of the first half of next year. Vårgrønn has updated its logo to underpin the new level of strength and growth ambition.
Vårgrønn has teamed up with Equinor to develop floating offshore wind at Utsira Nord and formed a consortium with Agder Energi and Corio Generation (formerly Green Investment Group) to bid for a site in the Sørlige Nordsjø II area in Norway. Last month, Vårgrønn and Flotation Energy announced a partnership to apply for leases in Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) round. INTOG is established to support oil and gas decarbonisation in Scotland.