Eni and Norwegian investor HitecVision have set up a joint venture with the aim of developing new offshore wind and other renewables projects in Norway and the Nordic market.
As a first step, Vargronn will pursue opportunities in the offshore wind sector by participating in the upcoming Norwegian tender processes for offshore licences.
Eni will have a 69.6% share and HitecVision a 30.4% share.
Vargronn will explore opportunities within renewables, with a long-term ambition of reaching an installed capacity in the region of 1GW towards 2030.
Olav Hetland, formerly responsible for the offshore wind activities of Statkraft, Europe’s largest renewable energy producer, has been appointed CEO of Vargronn.
He said: “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”.
HitecVision is the largest private sector investor in the Norwegian oil and gas industry, and has announced an ambition of also becoming a major contributor to the energy transition through future investments in renewable energy and infrastructure.
“As a global leader in offshore operations and a major energy nation, Norway is in a position to develop a leading offshore wind industry and unlock significant value creation.
“We see this opportunity as an attractive investment case,” said HitecVision CEO Ole Ertvaag.