Vårgrønn has agreed to acquire a 27.4% stake in the 288MW Baltic 2 offshore wind farm in the German Baltic Sea from PGGM Infrastructure Fund.
Once the transaction is complete, German utility and offshore wind company EnBW will retain a majority 50.1% share in the offshore wind facility. EnBW will also continue overseeing the operations and maintenance of the wind farm.
German pension fund Ärzteversorgung Westfalen-Lippe will own the remaining 22.5% indirect stake in the Baltic 2 offshore wind farm.
Located 32km north of Rügen Island, the Baltic 2 offshore wind farm has been operational since September 2015. It features 80 Siemens wind turbines, each with a capacity of 3.6MW.
The German offshore wind farm generates approximately 1,200GWh of clean energy annually enough to supply electricity to around 340,000 households.
In addition, the Baltic 2 offshore wind farm contributes to reducing approximately 900,000 tonnes of carbon dioxide emissions each year.
Vårgrønn is a joint venture between the energy company controlled by Eni, Plenitude, and the Norwegian energy investment firm HitecVision.
Through the acquisition of the minority stake, Vårgrønn marks the company’s initial entry into Germany.
The deal also represents an opportunity to enhance its operational expertise in offshore wind management, building on its existing portfolio of development and construction projects.
Vårgrønn’s current portfolio includes a range of projects and prospects across England, Scotland, Ireland, and Norway, as well as early-stage initiatives in the Baltic region.
It holds a 20% stake in the Dogger Bank offshore wind project in the North Sea and a 50% interest in the Green Volt floating wind project in Scotland.
Vårgrønn CEO Stephen Bull said: “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 a new market.”
