Vårgrønn seals German offshore wind entry

Vårgrønn, a joint venture between Eni’s Plenitude and HitecVision has acquired a 27.4% stake in the operational 288 MW Baltic 2 offshore wind farm from PGGM Infrastructure Fund.

The wind farm sits in the German Baltic Sea, 32 km north of the Island of Rügen, and started operation in September 2015. It produces around 1,200 GWh per year providing renewable energy to about 340,000 households.

The acquisition marks Vårgrønn’s entry into Germany, which aims to achieve 30 GW of offshore wind capacity by 2030.

“Vårgrønn is pleased to enter Germany, one of the world’s largest offshore wind markets. This transaction provides Vårgrønn with a significant platform for further growth and important operational insight in a new market,” said Stephen Bull, CEO at Vårgrønn.

‍Following the deal closing, German utility EnWB and Vårgrønn will respectively own 50.1% and 27.4% of the offshore wind farm, with EnBW holding operations and maintenance activities. Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany, will retain the remaining 22.5% indirect stake in Baltic 2.

Vårgrønn’s current pipeline of projects and prospective projects spans England, Scotland, Ireland and Norway in addition to early-stage initiatives in the Baltics. Vårgrønn holds a 20% share in Dogger Bank, the world’s largest wind farm under construction. The company also holds 50% in pioneering large-scale Green Volt floating wind project in Scotland.