Following the deal closing, Vårgrønn and EnBW will own 27.4 per cent and 50.1 per cent, respectively, with EnBW responsible for operations and maintenance activities.
Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany, will retain the remaining 22.5 per cent indirect stake in the Baltic 2 offshore wind project.
This acquisition marks Vårgrønn’s entry into Germany, an offshore wind market driven by ambitious government targets and with a strong energy demand outlook, said the company.
The country has set a goal of achieving 30 GW of offshore wind capacity by 2030.
“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 anew market”, said Stephen Bull, CEO at Vårgrønn.
The Baltic 2 wind farm is located in the German Baltic Sea, 32 kilometres north of the Island of Rügen, and started operation in September 2015.
The project features 80 SWT-3.6-120 wind turbines and produces around 1,200 GWh per year, providing renewable energy to about 340,000 households, according to Vårgrønn.
