Vårgrønn, a joint venture between Italy’s Plenitude and Norway’s HitecVision, has purchased the stake from Plenitude, along with its other early-stage initiatives in certain markets
Vårgrønn buys 20% stake in Dogger Bank. (Credit: Nicholas Doherty on Unsplash)
Norway-based offshore wind company Vårgrønn has acquired a 20% stake in Dogger Bank A, B and C, the wind project off the east coast of Yorkshire, England, in the North Sea.
Vårgrønn is a joint venture between the Italian energy company Plenitude and the Norwegian energy investor HitecVision and has purchased the stake from Plenitude.
The transaction also includes Plenitude’s other early-stage initiatives in certain markets and is said to transform Vårgrønn into a full-cycle offshore wind developer in Europe.
In addition, it supports the company’s increased goal of achieving at least 5GW of installed or sanctioned offshore wind capacity by 2030.
Vårgrønn is set to open a London office and is hiring a new workforce to double the organisation by end of the first half of next year.
Vårgrønn CEO Olav Hetland said: “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.”
Dogger Bank offshore wind project is expected to be the world’s largest offshore wind farm, once it is completed in 2026.
The three phases of the project (A, B and C) are planned to have a combined installed capacity of 3.6GW, generating adequate renewable energy to power six million homes.
Through the transaction, Vårgrønn will be investing in the UK, adding 720MW net to its portfolio.
In June this year, Plenitude and HitecVision signed an agreement to increase Vårgrønn’s target to 5GW offshore wind capacity by 2030.
As part of the transaction, HitecVision has increased its ownership share in Vårgrønn from 30.4% to 35%, while Plenitude retained the remaining 65%.
Last month, Vårgrønn teamed up with Flotation Energy to apply for leases in Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) round.