Plenitude (Eni) and HitecVision have reached an agreement to expand their Norwegian renewable energy joint venture (JV), Vårgrønn.

The partners intend to transform Vårgrønn into a material, full-cycle, offshore wind player.

The JV will primarily focus on Northern European markets and will aim to have a total installed and sanctioned offshore wind capacity of 5GW by 2030.

Plenitude CEO Stefano Goberti said: “With this agreement, Plenitude strengthens its footprint in the offshore wind space consistently with its target of reaching 15GW of renewable capacity by 2030. Our long-term partnership with HitecVision has proven able to create significant value.

“By expanding Vårgrønn, we aim to raise a focused and financially independent development platform with a diversified portfolio of assets in […] Northern Europe and with the capacity to rapidly build scale in the offshore wind market that is expected to grow exponentially in the coming years.”

Under the agreement, Vårgrønn will acquire Plenitude’s 20% stake in the 3.6GW Dogger Bank offshore wind farm in the UK, as well as its other early-stage initiatives in Vårgrønn’s key markets.

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The deal will allow Vårgrønn to add a net capacity of 720MW to its portfolio.

HitecVision has also agreed to increase its stake in Vårgrønn from 30.4% to 35% while Plenitude will own the remaining 65% stake in the Norwegian company.

HitecVision Senior Partner and Investment Team head Erlend Basmo Ellingsen said: “This is a strategic transaction for HitecVision, expanding our relationship with our long-term partner Eni by creating an international offshore wind player in line with our strategy of building successful companies to support the transition to net-zero.

“Through the transaction, Vårgrønn will enter the UK offshore wind market through the ownership in the strategic asset Dogger Bank, located at the core of the North Sea basin, with strong partners in Equinor and SSE.”