The Norwegian investor has effectively acquired a 7% stake in the under-construction Dogger Bank A, B and C cluster in the North Sea, through its offshore wind-focussed JV with Eni - Vårgrønn Under the deal, Eni has transferred to Vårgrønn its 20% stake in the cluster, which it acquired in two separate transactions in 2020 and 2021. In addition, Vårgrønn will purchase a stake in Eni's other early-stage initiatives in Vårgrønn’s key markets. Simultaneously, HitecVision is increasing its stake in Vårgrønn from 30.4% to 35%, with the remaining 65% held by Eni's rebranded gas and power division, Plenitude, Equinor and UK-based utility SSE Renewables will continue to own a majority stake in the Dogger Bank cluster, which is expected to be operational by 2026.
The transaction represents a significant expansion for Vårgrønn, which was founded in 2020 to operate as a renewables-focused venture controlled by Eni and HitecVision, building on their successful collaboration in the oil and gas sector in Norway through Vår Energi. Over the last two years, the companies have positioned Vårgrønn as a full-cycle offshore wind player, targeting 5 GW of installed and sanctioned offshore wind capacity by 2030, with a focus on key Northern European markets. The agreement is the second collaboration between Vårgrønn and Equinor, who have also agreed to bid for seabed leases in the Utsira Nord area under Norway's upcoming offshore wind licencing round
Mohit Kaul
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