Vårgrønn Debuts in German Offshore Wind Market with Baltic 2 Acquisition

November 7, 2024, by Adnan Memija

Vårgrønn has agreed to acquire a 27.4 per cent stake in the 288 MW Baltic 2 offshore wind farm from PGGM Infrastructure Fund, marking its entry into the German market.

Following the deal closing, Vårgrønn and EnBW will own 27.4 per cent and 50.1 per cent, respectively, with EnBW responsible for operations and maintenance activities.

Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany, will retain the remaining 22.5 per cent indirect stake in the Baltic 2 offshore wind project.

This acquisition marks Vårgrønn’s entry into Germany, an offshore wind market driven by ambitious government targets and with a strong energy demand outlook, said the company.

The country has set a goal of achieving 30 GW of 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 anew market”, said Stephen Bull, CEO at Vårgrønn.

The Baltic 2 wind farm is located in the German Baltic Sea, 32 kilometres north of the Island of Rügen, and started operation in September 2015.

The project features 80 SWT-3.6-120 wind turbines and produces around 1,200 GWh per year, providing renewable energy to about 340,000 households, according to Vårgrønn.

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Norway-based Vårgrønn is a joint venture between Plenitude and the Norwegian HitecVision. The company’s current pipeline of projects and prospective projects spans England, Scotland, Ireland, and Norway, in addition to early-stage initiatives in the Baltics.

Vårgrønn holds a 20 per cent share in Dogger Bank, the world’s largest offshore wind farm under construction, as well as 50 per cent in the Green Volt floating wind project in Scotland.