Vårgrønn, a joint venture company between Eni’s renewables business unit, Plenitude, and Norwegian energy investor HitecVision, is entering the UK offshore wind market through its ownership of the Dogger Bank project, located in the North Sea.
Vårgrønn is acquiring Plenitude’s 20% interest in Dogger Bank, as well as Plenitude’s other early-stageinitiatives in Vårgrønn’s key markets. As part of the deal, HitecVision will increase its ownership share in the venture from 30.4% to 35%, while Plenitude will retain the remaining 65%.
Once completed in 2026, Dogger Bank will be the world’s largest offshore wind farm. The three phases of the project will have a combined installed capacity of 3.6 GW, generating enough renewable energy to power 6m homes. The project’s other partners are SSE Renewables (40%) and Equinor (40%). SSE Renewables is leading the development and construction, while Equinor will operate the asset after it is completed.
Vårgrønn was established by Eni and HitecVision in 2020, targeting 5 GW of installed and sanctioned offshore wind capacity by 2030, with a focus on key Northern European markets. The company is positioned in the Norwegian offshore wind market as part of consortiums for each of the upcoming license rounds for the Utsira Nord and Sørlige Nordsjø II areas. Through a Dogger Bank transaction, Vårgrønn will add 720 MW net to its portfolio.