Vårgrønn has announced an agreement to acquire a 27.4% stake in the operational Baltic 2 offshore wind farm from the PGGM Infrastructure Fund. Upon completion of the deal, EnBW (Energie Baden-Württemberg AG) will hold a 50.1% majority stake, while Vårgrønn will own 27.4%, and the remaining 22.5% indirect stake will be retained by Ärzteversorgung Westfalen-Lippe, Germany’s largest pension fund.
About Baltic 2 Offshore Wind Farm
Located in the German Baltic Sea, approximately 32 km north of the Island of Rügen, the Baltic 2 wind farm began operations in September 2015. It consists of 80 Siemens wind turbines (3.6 MW each) and generates around 1,200 GWh of renewable energy annually. This output is sufficient to power approximately 340,000 households and contributes to the reduction of around 900,000 tons of CO2 emissions each year.
Strategic Benefits for Vårgrønn
This partnership allows Vårgrønn to gain operational knowledge and experience in managing offshore wind farms, enhancing its existing portfolio of projects currently under development and construction. The acquisition marks Vårgrønn’s entry into the German offshore wind market, which is characterized by ambitious government targets and a robust energy demand forecast. Germany aims to achieve 30 GW of offshore wind capacity by 2030, positioning itself as a leader in renewable energy across Europe.
CEO Statement
Stephen Bull, CEO of Vårgrønn, expressed enthusiasm about the acquisition: “Vårgrønn is pleased to enter Germany, one of the world’s largest offshore wind markets. This transaction provides Vårgrønn with a significant platform for further growth and important operational insight in a new market.”
