Italian energy company Eni and Norwegian energy investor HitecVision have established new joint venture company Vårgrønn to develop new green energy projects in Norway and the Nordic market.
Vårgrønn has been set up to play a major role in the development, construction, operation and financing of renewable energy projects in Norway, and initially the company will pursue opportunities in the offshore wind sector.
Over the longer term it will explore all opportunities within renewables, with an ambition of reaching an installed capacity in the region of 1 GW towards 2030.
Former Statkraft executive Olav Hetland has been appointed CEO of Vårgrønn.
“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,” Hetland said.
Eni will take a 69.6% stake in Vårgrønn, while HitecVision will own a 30.4% stake.