Vårgrønn and European Energy to partner on developing offshore wind projects in the Baltic Sea

Press release

Vårgrønn and European Energy to partner on developing offshore wind projects in the Baltic Sea

May 15, 2023

15 May 2023 - Renewable energy developer European Energy and offshore wind company Vårgrønn, a joint venture between Plenitude (Eni) and HitecVision, today announce a long-term strategic partnership to jointly pursue offshore wind opportunities in the Baltic Sea within Lithuania, Estonia and Latvia.

The Baltic states have significant offshore wind potential, with a total of 15.4 GW of estimated possible capacityacross Lithuania, Estonia and Latvia. Authorities across the three countries are now opening several areas for development through upcoming tenders, with Lithuania launching two tenders for spring and autumn 2023, followed by Estonia with a pipeline of seven GW to be tendered late 2023.

"The Baltic Sea has huge capability to power Europe's energy transition through offshore wind, delivering energy security and contributing to reach collective climate targets. With Vårgrønn's initial projects having focused on the North Sea, we are very pleased to be partnering with European Energy to develop offshore wind across the Baltic states. European Energy's strong track record in developing onshore renewables in this region, combined with their continued strong local presence, makes them an ideal partner for us," says Olav Hetland, CEO of Vårgrønn.

"The Baltic states will undergo a rapid transformation in their energy supply in the coming years. In European Energy we want to support this transformation, and we believe that we can best do this by partnering up with Vårgrønn, who has extensive offshore expertise and strong financial capacity can build on their experience from offshore wind projects in the North Sea," says Knud Erik Andersen, CEO in European Energy.

The companies will work jointly across the whole offshore wind lifecycle, from development and financing, through to construction and operation. European Energy is present in all three Baltic states with offices and a pipeline of onshore renewable energy projects, and the company has developed and constructed several wind parks in Lithuania.

Together the two companies will work closely with local stakeholders to create offshore wind projects that meet countries' energy security and decarbonisation ambitions, while creating local jobs and safeguarding nature and the interests of other users of the sea.

About Vårgrønn

Vårgrønn is an agile, Norway-based offshore wind company powering the energy transition through development, construction, operation, and ownership of offshore wind assets. Vårgrønn is a joint venture between the energy company Plenitude (Eni) and the Norwegian energy entrepreneur and investor HitecVision.
Vårgrønn currently holds a 20 percent stage in the world's largest offshore windfarm under construction, Dogger Bank in the UK (3.6 GW installed capacity), and have received exclusivity to develop up to 1.9 GW of floating offshore wind in Scotland together with partner Flotation Energy. Vårgrønn is also bidding for floating and bottom-fixed offshore wind projects in Norway together with partners. Vårgrønn targets 5 GW of offshore wind in operation or sanctioned by 2030 across Northern Europe.
Learn more about Vårgrønn: www.vargronn.com

About European Energy

European Energy was founded in 2004 in Copenhagen. The company develops and constructs renewable energy projects across the world. At the beginning of 2023, European Energy owned more than 1 GW of operational renewable energy projects and has 23 offices in 18 countries. European Energy is present with offices and a strong onshore development pipeline in all three Baltic countries and has developed and constructed several wind parks in Lithuania.
European Energy has a current offshore development pipeline of more than four GW offshore wind in Denmark and Italy.
Learn more about European Energy: www.europeanenergy.com

Contact

Ming Ou Lü
PR Manager, European Energy
+45 3126 9376
[email protected]

Beate Triantafilidis
Senior Communications Advisor, Vårgrønn
+47 90425920
[email protected]