Vårgrønn is a new joint venture company formed by global energy giant Eni and HitecVision, a Norwegian energy entrepreneur and investor. This new venture will focus on development of new green energy projects in Norway and the Nordic market, with a major role in the development, construction, operation and financing of these assets.
These two companies have previously developed Vår Energi, which is focused on the exploration and production of hydrocarbons in Norway and the new venture, Vårgrønn, will help in supporting Vår Energi’s aim to reduce climate emissions. Initially, Vårgrønn will explore opportunities in the offshore wind space and will participate in the bidding for government’s offshore wind licenses. The new venture aims to install 1 GW of renewable energy capacity by 2030.
Eni owns 69.6 per cent of the new company and HitecVision owns the rest. On the occasion of this newly formed venture, Olav Hetland, CEO of Vårgrønn commented “We look forward to being part of a new market for offshore wind in Norway, using the skills and experience built over decades in the Norwegian petroleum sector”.