Vårgrønn has entered into an agreement to acquire a 27.4% stake in the operational Baltic 2 (288 MW) offshore wind farm from PGGM Infrastructure Fund.
Following the deal closing, the German utility and offshore wind company EnWB and Vårgrønn will respectively own 50.1% and 27.4% of the offshore wind farm, with EnBW holding operations and maintenance activities. Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany, will retain the remaining 22.5% indirect stake in Baltic 2.
Baltic 2 is located in the German Baltic Sea, 32 km north of the Island of Rügen, and started operation in September 2015. The wind farm holds 80 Siemens wind turbines (3.6 MW) and produces around 1,200 GWh per year providing renewable energy to about 340,000 [1] households, as well as leads to the abatement of around 900,000 tonnes of CO₂ [2] emissions.
The partnership will provide Vårgrønn with an opportunity to build operational knowledge and experience in managing offshore wind farms, complementing the existing portfolio of projects under development and construction. Furthermore, this acquisition marks Vårgrønn’s entry into Germany, an offshore wind market driven by ambitious government targets and with a strong energy demand outlook. With a goal of achieving 30 GW of offshore wind capacity by 2030, Germany is positioning itself as a one of the European leaders in renewable energy.
About Vårgrønn:
Vårgrønn is an agile, Norway-based offshore wind company powering the energy transition through development, construction, operation,and ownership of offshore wind projects and related infrastructure. Vårgrønn is a joint venture between the energy company Plenitude (company controlled by Eni) and the Norwegian energy entrepreneur and investor HitecVision. Vårgrønn’s current pipeline of projects and prospective projects spans England, Scotland,Ireland and Norway in addition to early-stage initiatives in the Baltics. Vårgrønn holds a 20% share in Dogger Bank, the world’s largest windfarm under construction. Vårgrønn holds 50% in pioneering large scale Green Volt floating wind project in Scotland.
About EnBW:
With over28,000 employees, EnBW (Energie Baden-Württemberg AG) is one of the largest energy companies in Germany and Europe. It supplies around 5.5 million customers with electricity and gas. As part of its transformation from a traditional energy company to a sustainable infrastructure group, the expansion of renewable energy sources and of the distribution and transmission grids for electricity, gas and hydrogen are cornerstones of EnBW's growth strategy and the focus of its investments. Until 2030, EnBW plans gross investments of €40billion, around 90 percent of which will be invested in Germany. By then, around 80 percent of EnBW's generation portfolio is to consist of renewable energies, and the company aims to phase out coal by the end of 2028. These are key milestones on the road to the company's climate neutrality in 2035.
About Ärzteversorgung Westfalen-Lippe:
The Ärzteversorgung Westfalen-Lippe (ÄVWL) is an institution of the Westphalia-Lippe Medical Association and the largest pension fund in Germany, owner of Ostwind, a German developer, owner, and operator of onshore wind and solar PV projects in Germany and France. For over 60 years, ÄVWL has been providing retirement, disability, and survivor benefits for its members. Based in Münster, Germany, this public pension fund offers support to medical practitioners and their surviving dependents within the region. The fund's assets are managed by a dedicated management committee.
About PGGM Infrastructure Fund:
PGGM Infrastructure Fund is one of the managed funds within the PGGM N.V. group. PGGM N.V. is a leading Dutch pension fund service provider that services Dutch occupational pension funds, of which the largest is the pension fund of the health care sector (PFZW), representing 5.6 million participants and managing approximately €243 billion of assets of which €15 billion are specifically allocated to infrastructure investments.
[1] https://www.enbw.com/company/topics/wind-power/offshore-wind-farm-baltic-2/
[2] https://www.enbw.com/company/topics/wind-power/offshore-wind-farm-baltic-2/
