Wind Energy – Acquisition
Norwegian company Vårgrønn has entered into an agreement to acquire a 27.4% stake in the operational Baltic 2 (288 MW) offshore wind farm from PGGM Infrastructure Fund.
Following the deal closing, the German utility and offshore wind company EnBW Vårgrønn will respectively own 50.1% and 27.4% of the offshore wind farm, with EnBW holding operations and maintenance activities. Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany will retain the remaining 22.5% indirect stake in Baltic 2.
The partnership will provide Vårgrønn with an opportunity to build operational knowledge and experience in managing offshore wind farms, complementing the existing portfolio of projects under development and construction.
Furthermore, this acquisition marks Vårgrønn’s entry into Germany, an offshore wind market driven by ambitious government targets and with a strong energy demand outlook. With a goal of achieving 30 GW of offshore wind capacity by 2030, Germany is positioning itself as a one of the European leaders in renewable energy.
