Vårgrønn Enters German Offshore Wind Market with Baltic 2 Acquisition

(Credit: EnBW)

Vårgrønn, a joint venture between Eni’s Plenitude and HitecVision, has entered into an agreement to acquire a 27.4% stake in the operational Baltic 2 offshore wind farm in Germany from PGGM Infrastructure Fund.

Following the closing of the deal, the German utility and offshore wind company EnWB and Vårgrønn will respectively own 50.1% and 27.4% of the offshore wind farm, with EnBW holding operations and maintenance activities.

Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany, will retain the remaining 22.5% indirect stake in Baltic 2.

The 288 MW Baltic 2 offshore wind farm is located in the German Baltic Sea, 32 km north of the Island of Rügen, which started operation in September 2015.

The wind farm features 80 Siemens wind turbines, rated at 3.6 MW each, and produces around 1,200 GWh per year providing renewable energy to about 340,000 households.

According to Vårgrønn, the partnership will provide it with an opportunity to build operational knowledge and experience in managing offshore wind farms, complementing the existing portfolio of projects under development and construction.

Furthermore, the acquisition marks Vårgrønn’s entry into Germany, which has the target of achieving 30 GW offshore wind capacity by 2030.

“Vårgrønn is pleased to enter Germany, one of the world’s largest offshore wind markets. This transaction provides Vårgrønn with a significant platform for further growth and important operational insight in a new market,” said Stephen Bull, CEO at Vårgrønn.