The joint venture is based on the previous long-term partnership that already developed Vår Energi to explore and produce hydrocarbons in Norway
Italian oil and gas firm Eni and Norway-based HitecVision have established a new joint venture company, dubbed Vårgrønn, to develop new green energy projects in Norway and the Nordics region.
The Eni and Hitecvision joint venture is based on the previous long-term partnership that already developed Vår Energi, for the exploration and production of hydrocarbons in Norway.
Vårgrønn is expected to play important role in the development, construction, operation and financing of renewable energy projects in the country.
It will explore opportunities within the renewables business area, with a long-term goal of achieving an installed capacity of 1GW in the region, by 2030.
Eni energy evolution chief operating officer Massimo Mondazzi said: “This new joint venture is part of Eni’s overall strategy for decarbonisation and contributes to the progression of our transformation path towards green energy and the circular economy.
“Offshore wind projects may offer Eni the opportunity to further develop our offshore skills, deploy innovative technologies and promote digitalisation in the renewable energy chain.”
Vårgrønn will initially undertake opportunities in Norwegian offshore wind sector
Initially, the company will undertake offshore wind sector opportunities in the Norwegian region and support Vår Energi’s goal of reducing climate emissions through the electrification of its upstream assets.
Olav Hetland, who previously responsible for the offshore wind activities of Statkraft, a European renewable energy producer, is appointed as Vårgrønn CEO.
Olav Hetland said: “We look forward to being part of a new market for offshore wind in Norway, using the skills and experience built over decades in the Norwegian petroleum sector.”
HitecVision is a major private sector investor in the Norwegian oil and gas industry, with a aim to contribute to the energy transition through future investments in renewable energy.
HitecVision CEO and founding partner Ole Ertvaag said: “As a global leader in offshore operations and a major energy nation, Norway is in a position to develop a leading offshore wind industry and unlock significant value creation. We see this opportunity as an attractive investment case.”