European Energy and Vårgrønn Form Baltic Sea Offshore Wind Partnership

Outlook & Strategy

May 15, 2023, by Adnan Durakovic

Renewable energy developer European Energy and offshore wind company Vårgrønn, a joint venture between Plenitude (Eni) and HitecVision, have formed a long-term strategic partnership to jointly pursue offshore wind opportunities in the Baltic Sea within Lithuania, Estonia, and Latvia.

The Baltic states have significant offshore wind potential, with a total of 15.4 GW of estimated possible capacity across Lithuania, Estonia, and Latvia, the two companies said.

Authorities across the three countries are now opening several areas for development through upcoming tenders, with Lithuania launching two tenders for spring and autumn 2023, followed by Estonia with a pipeline of 7 GW to be tendered in late 2023.

”The Baltic Sea has huge capability to power Europe’s energy transition through offshore wind, delivering energy security and contributing to reach collective climate targets,” said Olav Hetland, CEO of Vårgrønn.

”With Vårgrønn’s initial projects having focused on the North Sea, we are very pleased to be partnering with European Energy to develop offshore wind across the Baltic states. European Energy’s strong track record in developing onshore renewables in this region, combined with their continued strong local presence, makes them an ideal partner for us.”

The companies said they will work jointly across the whole offshore wind lifecycle, from development and financing, through to construction and operation.

European Energy is present in all three Baltic states with offices and a pipeline of onshore renewable energy projects, and the company has developed and constructed several wind parks in Lithuania.

”The Baltic states will undergo a rapid transformation in their energy supply in the coming years. In European Energy we want to support this transformation, and we believe that we can best do this by partnering up with Vårgrønn, who has extensive offshore expertise and strong financial capacity can build on their experience from offshore wind projects in the North Sea,” said Knud Erik Andersen, CEO of European Energy.

The two companies said they will work closely with local stakeholders to create offshore wind projects that meet countries’ energy security and decarbonisation ambitions, while creating local jobs and safeguarding nature and the interests of other users of the sea.