Eni and HitecVision brand-new Renewable Energy JV "Vårgrønn" in Norway

• The brand-new joint venture will certainly focus on renewable energy projects

The international energy business Eni and the Norwegian power business owner and capitalist HitecVision have actually introduced today the establishment of a new joint endeavor company, Vårgrønn, with the aim of creating new environment-friendly energy projects in Norway and the Nordic market.

The Vårgrønn JV, which marks the start of a more comprehensive strategic collaboration between Eni and Hitecvision, is improved the long-term partnership that has already developed Vår Energi, a leader in the expedition and manufacturing of hydrocarbons in Norway.

Vårgrønn plans to play a significant duty in the growth, construction, procedure and funding of renewable energy projects in the country. As a very first step, the company will go after possibilities in the offshore wind industry by joining the forthcoming Norwegian tender procedures for offshore permits, also sustaining Vår Energi's ambition to minimize environment emissions via the electrification of its upstream possessions.

Moreover Vårgrønn will certainly discover chances within renewables, with a long-term passion of reaching a mounted capability in the region of 1 GW in the direction of 2030.

Olav Hetland, previously in charge of the offshore wind tasks of Statkraft, Europe's largest renewable energy producer, has been assigned CEO of Vårgrønn. He comments: "We eagerly anticipate being part of a brand-new market for offshore wind in Norway, using the skills and experience constructed over years in the Norwegian oil field".

Vårgrønn represents a critical step forward in the power transition process gone after by Eni and HitecVision. Both firms are leading stars in the energy market, and are highly committed to contributing to the power transition.

Eni described a new phase in the advancement of its business model, which will develop value by incorporating financial and economic sustainability with environmental sustainability. Massimo Mondazzi, Chief Operating Officer Energy Evolution of Eni remarks: "This new joint venture is part of Eni's total strategy for decarbonisation and contributes to the progression of our improvement course in the direction of green energy and the circular economic climate. Offshore wind projects may use Eni the chance to more create our overseas skills, release ingenious modern technologies and advertise digitalisation in the renewable energy chain".

By enabling personal companies to send license applications for overseas renewables, the Norwegian Government has actually marked a vital action towards developing a domestic offshore wind industry. HitecVision is the largest private sector investor in the Norwegian oil and gas sector, and has actually introduced a passion of additionally ending up being a major contributor to the energy change with future investments in renewable energy and infrastructure.

"As an international leader in overseas operations and a major energy nation, Norway is in a position to develop a leading overseas wind industry and unlock considerable worth development. We see this chance as an eye-catching investment situation," says Ole Ertvaag, CEO and founding companion of HitecVision.

The business will certainly be possessed by Eni (69.6 percent) and HitecVision (30.4 percent).