Vargronn JV completes Dogger Bank stake acquisition
General Electric’s Haliade-X turbine. Source: Dogger Bank Wind Farm.
Vargronn, a joint venture between Plenitude, the decarbonisation business of Italian oil group Eni SpA (BIT:ENI), and Norwegian energy investor HitecVision, has completed the acquisition of Plenitude’s 20% stake in the 3.6-GW Dogger Bank offshore wind farm in the UK, which will become the world’s largest when completed in 2026.
Vargronn said on Monday that this makes it a full-cycle European offshore wind developer. The deal also encompasses Plenitude’s other early-stage initiatives in key markets for the joint venture. As part of it, HitecVision has increased its stake in Vargronn from 30.4% to 35%, with Plenitude keeping the remaining 65%.
Plenitude and HitecVision in June announced an ambition to develop Vargronn into an offshore wind player with at least 5 GW of installed or sanctioned offshore wind capacity by 2030 and a focus on key Northern European markets.
Vargronn said today it will open an office in London and has also updated its logo to “underpin the new level of strength and growth ambition.”
Dogger Bank will be built in three phases of 1.2 GW each, the first of which, Dogger Bank A, is due to send first power to the grid in 2023. Vargronn's partners in this project are SSE Renewables and Equinor (NYSE:EQNR).
Together with Equinor, Vargronn is looking to develop floating offshore wind at Utsira Nord in Norway. It will also pursue acreage in the Sorlige Nordsjo II area in Norway with Agder Energi and Corio Generation. In September, it announced a partnership with Flotation Energy to participate in Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) leasing round.