Italian energy company Plenitude has sold its 20% stake in the Dogger Bank A, B and C offshore wind farms to Vargronn, its joint venture with Norwegian energy entrepreneur and investor HitecVision.
The transaction also includes Plenitude’s other early-stage initiatives in Vargronn’s key markets, and the increased ambition of at least 5GW of installed or sanctioned offshore wind capacity by 2030.
The move turns Vargronn into a full-cycle European offshore wind developer and Norway’s largest.
HitecVision has, as part of the transaction, increased its ownership share in Vargronn from 30.4% to 35%.
Plenitude holds 65% of the joint venture.
In order to deliver on its ambitious strategy, Vargronn will open a London office and is hiring new talents and experts with a plan to double the organisation by end of the first half of next year.
Once completed in 2026, Dogger Bank will be the world’s largest offshore wind farm. The three phases of the project (A, B and C) will have a combined installed capacity of 3.6GW, generating enough renewable energy to power 6m homes.
Dogger Bank A (1.2GW) will be feeding first power to grid already next year.
Through this transaction, Vargronn will invest into the UK, the most mature area for offshore wind globally, adding 720MW net to its portfolio.
CEO of Vargronn Olav Hetland said: “We are pleased to complete the transaction and appreciate the trust from our shareholders to focus their offshore wind efforts in Northern Europe through the expansion of Vargronn.
“We look forward to a strong cooperation with our experienced partners SSE Renewables and Equinor to construct and operate the world’s largest offshore wind farm. Vargronn will actively contribute to the project’s success while Dogger Bank learnings will enrich the skills and experience of the Vargronn’s team and make us an even stronger partner in the race for licenses in all our key markets.”