Norwegian renewables developer Vargronn has taken control of Eni’s 20% stake in the 3600MW Dogger Bank offshore wind farm off east England.
The deal will allow the company to add 720MW net to its emerging portfolio.
The company, majority owned by Eni, will acquire the shareholding from Plenitude, the Italian outfit’s renewables arm.
At the same time Vargronn minority shareholder, Norwegian private equity fund manager HitecVision, is expanding its stake in the company.
HitecVision now owns a 35% stake in Vargronn, up from 30.4%, following the transaction. Plenitude retains 65%.
Vargronn chief executive Olav Hetland said: “We look forward to building our portfolio and to joining this world class partnership with Equinor and SSE towards first production from Dogger Bank.
“We appreciate the trust from our shareholders to focus their European offshore wind efforts through the expansion of Vårgrønn.”
SSE Renewables and Equnior are the lead shareholders on the 3.6GW wind farm, which is due to be completed in 2026.
Erlend Basmo Ellingsen, Senior Partner and Head of Investment Team in HitecVision, added: “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.”