Plenitude and HitecVision to boost world’s largest offshore wind farm in UK

Eni subsidiary Plenitude and HitecVision announced on Thursday an agreement to expand their Norwegian renewable energy company Vårgrønn, and also work to create the world’s largest offshore wind farm.

The 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, the companies said in a statement.

As part of the agreement, Vårgrønn will acquire Plenitude’s 20% interest in UK’s Dogger Bank, as well as Plenitude’s other early-stage initiatives 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%, Plenitude said.

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 most mature area for offshore wind globally, adding 720MW net to its portfolio, the companies said.

“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,” Erlend Basmo Ellingsen, Senior Partner and Head of Investment Team in HitecVision, said in a statement.

“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,” he added.

Vårgrønn was established by Eni and HitecVision in 2020 to actively participate in the energy transition, building on their long-term partnership from jointly developing Vår Energi to become a value accretive cooperation and one of the largest companies on the Norwegian Continental Shelf.

“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,” Stefano Goberti, CEO of Plenitude, said in a statement.

“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,” he said.