Vårgrønn Takes Over Dutch Pension Fund’s Stake in 288 MW German Offshore Wind Farm

January 8, 2025, by Adnan Memija

Vårgrønn, a joint venture between Plenitude and Norway’s HitecVision, has acquired 100 per cent of PGGM Infrastructure Fund’s shares in the 288 MW Baltic 2 offshore wind farm in Germany.

The German energy company EnBW owns 50.1 per cent and Vårgrønn holds 27.4 per cent of the Baltic 2 offshore wind farm, with EnBW managing operations and maintenance.

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

“This acquisition represents an important part of a broader growth strategy and provides Vårgrønn with operational insights. We are very pleased to have closed this acquisition and look forward to start working together with our new partners”, says Stephen Bull, CEO of Vårgrønn.

The acquisition marks the company’s entry into Germany, which has set a target of 30 GW offshore wind capacity by 2030.

Vårgrønn Debuts in German Offshore Wind Market with Baltic 2 Acquisition

Business & Finance

Located in the German Baltic Sea, 32 kilometres north of Rügen Island, the Baltic 2 offshore wind farm comprises 80 SWT-3.6-120 wind turbines.

The project, which started operation in September 2015, produces around 1,200 GWh per year, providing renewable energy to about 340,000 households, according to Vårgrønn.