Norwegian Var Sets up Green JV

Italy's Eni is strengthening its ties with Norwegian energy entrepreneur and investor HitecVision through a joint venture Vargronn, with the aim of developing new green energy projects in Norway's liberalised offshore wind sector and the Nordic market, they said November 11.

Its target is installed capacity of 1 GW by 2030 and it will be run by the former head of Statkraft's offshore wind business, Olav Hetland.

The two are already partners in Norwegian upstream oil and gas producer Var Energi and the joint venture retains the balance of interests at 69.6% for Eni and 30.4% for HitecVision.

Vargronn will participate in the Norwegian tender process – which is now open for private companies – for offshore licences, also supporting Var Energi’s ambition to reduce climate emissions through the electrification of its upstream assets.

Hetland said he looked 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.”

Eni Energy Evolution COO Massimo Mondazzi said the JV "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 skills, deploy innovative technologies and promote digitalisation in the renewable energy chain.”

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