Vårgrønn
About
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.
Outlook
as of 2026-10Vårgrønn, owned 65% by Eni's Plenitude and 35% by HitecVision, holds 27.4% of Baltic 2 in Germany, which is operating, and 20% of Dogger Bank in the UK, still under construction. It also holds 50% stakes in floating projects in Scotland, where it says Green Volt is in front-end engineering and aims for power generation by 2030, and in 2025 it won exclusivity with Equinor for an Utsira Nord floating area in Norway. Its 2025 annual report, published in April 2026, aims for multiple gigawatts in operation or construction by the early 2030s but gives no figure, with growth focused on England, Scotland, Norway, Ireland and the Baltics. It calls portfolio optimisation a key priority and is looking at buying operating assets. Ireland went backwards: its Tonn Nua bid in the ORESS 2.1 auction failed, confirmed in November 2025, and it wrote down Tonn Nua and South Irish Sea.
What they've said
4 statements 2026-04 – 2026-04
- Annual Report 2025
“Vårgrønn aims to strengthen its position as an offshore wind developer in Northern Europe. Building on a strong shareholder base and an experienced team, the company pursues disciplined growth in markets with long-term competitiveness and supportive policy frameworks. In 2025, this focus remained on England, Scotland, Norway, Ireland and the Baltics.”
Vårgrønn (company report) source → - Annual Report 2025
“Vårgrønn aims to deliver multiple gigawatts of offshore wind capacity in operation or construction by the early 2030s.”
Vårgrønn (company report) source → - Annual Report 2025
“Portfolio optimisation remains a key priority. Projects are continuously assessed and capital allocated to the most value-accretive opportunities.”
Vårgrønn (company report) source → - Annual Report 2025
“Vårgrønn continues to assess selected greenfield opportunities across Northern Europe while monitoring potential M&A opportunities in the offshore wind sector. In Ireland, Vårgrønn and Energia Renewables submitted a bid for the 900 MW Tonn Nua project in the ORESS 2.1 auction but were unsuccessful and are reviewing their approach to the market.”
Vårgrønn (company report) source →
Portfolio
7 held · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 6.30 GW.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| EnBW Baltic 2 | Germany | Operational | 288 | 27.4% | 79 |
| Dogger Bank B | United Kingdom | Under Construction | 1200 | 20% | 240 |
| Dogger Bank C | United Kingdom | Under Construction | 1200 | 20% | 240 |
| Dogger Bank A | United Kingdom | Under Construction | 1200 | 20% | 240 |
| Green Volt | United Kingdom | Advanced Development | 560 | 50% | 280 |
| Cenos | United Kingdom | Early Development | 1350 | 50% | 675 |
| Utsira Nord (Area 1 - Equinor/Vargronn) | Norway | Early Development | 500 | 35% | 175 |