Vårgrønn was established in November 2020 as a joint venture between the global energy company Plenitude, a renewable energy company controlled by Eni, and the Norwegian energy entrepreneur and investor HitecVision. Vårgrønn has offices in Stavanger, the energy capital of Norway, Oslo and London.
We became Norway’s largest dedicated offshore wind company in October 2022 following the acquisition of a 20% stake in Dogger Bank, the world’s largest offshore wind farm currently under construction.
Today, we are a dynamic, growth-focused company driving the energy transition through the development, construction, operation, and ownership of offshore wind projects and related infrastructure. Our project pipeline spans key markets in Northern Europe, including Germany, England, Scotland, Ireland, and Norway, with early-stage initiatives also underway in the Baltics.
Vårgrønn holds a 27.4% stake in the operational Baltic 2 wind farm, a 20% share in Dogger Bank, and a 50% interest in the pioneering Green Volt floating wind project in Scotland. With ambitious growth plans, we are aiming for multiple GW of offshore wind capacity in operation or under construction by 2030.
Vårgrønn
/voːrgronn/ (ø is pronounced like the vowel in “bird”)
In Norwegian, ‘vår’ means ‘spring’ or ‘our’. ‘Grønn’ means green.
Our name represents growth, renewal, togetherness and sustainability.
To create value for our owners and the society through the sustainable development, construction, operations and ownership of offshore wind projects and related infrastructure.
Being an agile company powering the energy transition.
Our vision implies ambition. Powering the energy transition is urgent. Europe needs emission cuts and energy security. We aim for 5 GW installed and sanctioned offshore wind capacity by 2030 in the Northern European market.
Agility to us means adapting, evolving, and optimising for each project and partner. Our people and systems thrive with change. We believe being agile is essential to reach our ambitions in an ever-changing energy market.
Our values underpin how we work.
We create value for a sustainable future, while caring for people and the impact of our activities. We act with integrity and are accountable for our decisions and actions.
As a strong and diverse team, we work together to achieve results and reach our goals. We respect each other and share information openly - striving to bring out the best in all of us. We cooperate with our partners in an honest and constructive way to build and maintain strong business relations.
We take pride in the ambition of our company and the role we play in improving the global environment through renewable and low carbon solutions. Every one of us is dedicated to our work, and we bring our creativity and courage to solve challenges and see opportunities.
Plenitude, a company 100% owned by Eni, operates in the energy market with a distinctive business model that integrates renewable production, energy sales and solutions and a wide network of charging points for electric vehicles.
Plenitude provides energy to 10 million European customers in the retail market with the goal of reaching over 11 million customers by 2026. The Company also has a portfolio of 2.2 GW of renewable capacity in operation and has the aim of reaching over 7 GW installed by 2026 and over 15 GW by 2030.
In the field of electric mobility, Plenitude has a network of over 14,000 charging points that will be expanded, both in Italy and in Europe, with over 30,000 charging points planned by 2026.
Plenitude is a Benefit Corporation (Società Benefit), which integrates, within its Statute, the goal of having a positive impact on people, communities and the environment and it is part of Eni’s broader commitment to create value through the energy transition.
Through its retail, renewables and charging points, the company operates in 15 countries around the world. Plenitude will reach zero net CO2 emissions Scope 1,2 and 3 by 2040 and, thanks to an integrated and diversified proposal, it will provide 100% decarbonised energy to all customers.
HitecVision is a leading European energy investor and entrepreneur with EUR 8 billion of assets under management. HitecVision is headquartered in Stavanger, Norway, with other offices in Oslo, London and Milan.
The HitecVision team have since 1994 invested in, acquired or established more than 200 companies.
Among these are Vår Energi, jointly developed by HitecVision and Eni to become one of the largest independent oil and gas exploration and production (E&P) companies in Europe, being listed on the Oslo Stock Exchange in 2022 as the world’s largest energy initial public offering (IPO) in 2022.
From its history as a leading oil and gas focused private equity investor, HitecVision announced in 2021 that all new portfolio companies will be companies that contribute to the energy transition.
To the Vårgrønn joint venture, HitecVision adds a strong network and knowledge of the European energy market, financing and structuring capabilities and an entrepreneurial drive with a proven value creation model.
Our Code of Conduct sets out requirements and expectations for ethical business conduct for Vårgrønn’s employees and those acting for or on behalf of the company.
Vårgrønn has zero tolerance for corruption and our ABC & Sanctions policy provides detailed guidance to employees and those acting on behalf of Vårgrønn to identify and prevent corruption in their day-to-day work.
Being responsible is one of our core values, and we encourage a company culture where team members speak up about concerns, including any breaches of our Code of Conduct, policies, procedures or applicable rules. We also welcome concerns raised by external parties who work with us.
View our policies and processes here.
At Vårgrønn we encourage our team members and external parties who work with us to report any conditions or actions that breach of our Code of Conduct, or other policies, procedures and rules.
Being alerted to information about negative conditions or actions gives us an opportunity to improve. This is important both for the company and for the society we are part of.
In Vårgrønn, team members or external parties can report concerns in several ways:
You do not need proof of your suspicions, but all messages must be made in good faith. Vårgrønn will not implement sanctions against anyone reporting in a responsible manner. Schjødt shall, regardless of the outcome, provide feedback to the whistleblower within a reasonable time.
You always have the right to remain anonymous and notify without revealing your identity. However, anonymous notifications limit our ability to carry out the necessary investigations, and we therefore encourage you to provide your name when notifying. If you request that your identity remains anonymous for the person(s)your reporting concerns, we will make our best efforts to keep your identity confidential towards them, as long as this is in accordance with law and not otherwise necessary to divulge.
We believe collaboration is essential to power the energy transition. Vårgrønn is a member of:
