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Eni and HitecVision launch Vårgrønn JV to develop Nordic green energy projects

Italy-headed oil, gas, and energy major Eni S.p.A. and the Norway-headed energy entrepreneur and investor HitecVision AS have announced the establishment of a new joint venture company, Vårgrønn, with the aim of developing new green energy projects in Norway and the Nordic market. Vårgrønn will explore opportunities within renewables, with a long-term ambition of reaching an installed capacity in the region of 1GW towards 2030.

A joint venture between Eni and HitecVision, newly formed Vårgrønn aims to develop new green energy projects in Norway including offshore wind. The new JV marks the start of broader strategic cooperation between the companies – Vår Energi is one of the largest exploration and production companies in Norway and operates four fields on the Norwegian continental shelf (NCS), located in the Barents Sea, the Norwegian Sea, and the North Sea (photo courtesy Vår Energi).

According to a statement, the Vårgrønn JV, which marks the start of broader strategic cooperation between Eni and Hitecvision, is built on the long-term partnership that has already developed Vår Energi AS – a leading player in the exploration and production of hydrocarbons in Norway and jointly owned by Eni (69.6 percent) and HitecVision (30.4 percent).

Vårgrønn intends to play a major role in the development, construction, operation, and financing of renewable energy projects in Norway. As a first step, the company will pursue opportunities in the offshore wind sector by participating in the upcoming Norwegian tender processes for offshore licenses, also supporting Vår Energi’s ambition to reduce climate emissions through the electrification of its upstream assets.

Furthermore, Vårgrønn, which will be owned by Eni (69.6 percent) and HitecVision (30.4 percent), will explore opportunities within renewables, with a long-term ambition of reaching an installed capacity in the region of 1GW towards 2030.

Strategic step

Olav Hetland, formerly responsible for the offshore wind activities of Statkraft, Europe’s largest renewable energy producer, has been appointed CEO of Vårgrønn.

We look forward to being part of a new market for offshore wind in Norway, using the skills and experience built over decades in the Norwegian petroleum sector, said Olav Hetland.

Vårgrønn represents a strategic step forward in the energy transition process pursued by Eni and HitecVision. Both companies are major actors in the energy sector and are strongly committed to contributing to the energy transition.

Eni outlined a new phase in the evolution of its business model, which will create value by combining economic and financial sustainability with environmental sustainability.

This new joint venture is part of Eni’s overall strategy for decarbonisation and contributes to the progression of our transformation path towards green energy and the circular economy. Offshore wind projects may offer Eni the opportunity to further develop our offshore competencies, deploy innovative technologies, and promote digitalization in the renewable energy chain, said Massimo Mondazzi, Chief Operating Officer Energy Evolution at Eni.

Develop offshore wind industry

By allowing private companies to submit license applications for offshore renewables, the Norwegian Government has marked an important step towards creating a domestic offshore wind industry.

HitecVision is the largest private-sector investor in the Norwegian oil and gas industry and has announced its ambition of also becoming a major contributor to the energy transition through future investments in renewable energy and infrastructure.

As a global leader in offshore operations and a major energy nation, Norway is in a position to develop a leading offshore wind industry and unlock significant value creation. We see this opportunity as an attractive investment case, said Ole Ertvaag, CEO and founding partner of HitecVision.

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