Vårgrønn

A Norwegian offshore wind company headquartered in Stavanger, set up to develop and own offshore wind projects across Northern Europe. It is a joint venture of Plenitude, Eni's retail, renewables and e-mobility company (65%), and the Norwegian energy investor HitecVision (35%). Its positions in built and building farms are minority stakes: 27.4% of Baltic 2 in Germany, which is operating, and 20% of Dogger Bank in the UK, which is under construction. It does not operate its producing assets, though it says it may take that role as the portfolio matures. Its floating projects, all still in development, carry larger shares: 50% of Green Volt and of Cenos in Scotland, and 35% of Utsira Nord in Norway, where its partner is Equinor. So today it is a passenger in the farms that produce; its bigger bets are floating projects yet to be built.

Capacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 6.30 GW.