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Eni partners in new renewables venture
Italy’s Eni (69.6%) and the Norwegian energy investor HitecVision (30.4%) have formed a new joint venture company, Vårgrønn, with the aim of developing new green energy projects in Norway and the Nordic market.
The new joint venture marks the start of a broader strategic cooperation between Eni and HitecVision, built on the long-term partnership that has already developed Vår Energi, which focuses on exploration and production of hydrocarbons in Norway.
Vårgrønn intends to play a major role in the development, construction, operation and financing of renewable energy projects in the country. As a first step, the company will pursue opportunities in the offshore wind sector by participating in the upcoming Norwegian tender processes for offshore licences, also supporting Vår Energi’s ambition to reduce climate emissions through the electrification of its upstream assets.
The new venture will also explore opportunities within renewables, with a long-term ambition of reaching an installed capacity in the region of 1 GW towards 2030.
Commenting on the announcement, Massimo Mondazzi, Chief Operating Officer Energy Evolution, Eni says: ‘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 skills, deploy innovative technologies and promote digitalisation in the renewable energy chain.’