Italian oil giant Eni and the Norwegian energy investment firm HitecVision have announced today the establishment of a new joint venture company, Vårgrønn, with the aim of developing new green energy projects in Norway and the Nordic market. The aim is to have 1 GW of installed capacity towards 2030.
"The Vårgrønn JV, which marks the start of a broader strategic cooperation between Eni and Hitecvision, is built on the long-term partnership that has already developed Vår Energi - a leader in the exploration and production of hydrocarbons in Norway," HitecVision said in a statement.
According to a statement by HitecVision, Vårgrønn intends to play a major role in the development, construction, operation, and financing of renewable energy projects in the country.
"As a first step, the company will pursue opportunities in the offshore wind sector by participating in the upcoming Norwegian tender processes for offshore licenses, also supporting Vår Energi’s ambition to reduce climate emissions through the electrification of its upstream assets," the statement released on Wednesday reads.
Vårgrønn's long-term ambition is to reach an installed capacity in the region of 1 GW towards 2030.
Olav Hetland, formerly responsible for the offshore wind activities of Statkraft, one of Europe’s largest renewable energy producers has been appointed CEO of Vårgrønn.
He comments: “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”.
Massimo Mondazzi, Chief Operating Officer Energy Evolution of Eni comments said: “This new joint venture is part of Eni’s overall strategy for decarbonization and contributes to the progression of our transformation path towards green energy and the circular economy. Offshore wind projects may offer Eni the opportunity to further develop our offshore competencies, deploy innovative technologies and promote digitalization in the renewable energy chain”.
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,” says Ole Ertvaag, CEO and founding partner of HitecVision. The company will be owned by Eni (69.6 percent) and HitecVision (30.4 percent)
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