Vårgrønn, a joint venture between Plenitude and Norwegian energy investor HitecVision, has finalized the acquisition of 100% of the shares in the 288MW Baltic 2 offshore wind farm from PGGM Infrastructure Fund.
Following the acquisition, the ownership structure of the wind farm is now divided between Vårgrønn and German energy company EnBW, with EnBW holding 50.1% and Vårgrønn owning 27.4%. EnBW will manage the operations and maintenance of the wind farm. The remaining 22.5% indirect stake in the project will be retained by Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany.
Stephen Bull, CEO of Vårgrønn, commented on the acquisition: This acquisition represents an important part of a broader growth strategy and provides Vårgrønn with operational insights. We are very pleased to have closed this acquisition and look forward to start working together with our new partners.
The Baltic 2 offshore wind farm, located off the German coast, is part of ongoing efforts to expand renewable energy capacity in the region.
