Vårgrønn, a joint venture between Italian energy company Plenitude and Norwegian energy entrepreneur and investor HitecVision, has acquired Plenitude’s 20% stake in Dogger Bank A, B and C, turning the energy company into a full-cycle European offshore wind developer and Norway’s largest of its kind.
The transaction also includes Plenitude’s other early-stage initiatives in Vårgrønn’s key markets, and the increased ambition of at least 5 GW of installed or sanctioned offshore wind capacity by 2030.
“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,” says Olav Hetland, CEO 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.:
Once completed in 2026, Dogger Bank will be the world’s largest offshore wind farm. The three phases of the project (A, B and C) will have a combined installed capacity of 3.6 GW. Through this transaction, Vårgrønn will invest into the U.K., the most mature area for offshore wind globally, adding 720 MW net to its portfolio.