Eni and HitecVision Launch New Company

Eni and HitecVision Launch New Company
Eni (NYSE: E) and HitecVision have announced the launch of a new joint venture company called Vargronn.

Eni (NYSE: E) and HitecVision have announced the launch of a new joint venture company called Vårgrønn.

Vårgrønn intends to play a major role in the development, construction, operation and financing of renewable energy projects in Norway and will pursue opportunities in the offshore wind sector as a first step, the companies revealed. The new business will be 69.6 percent owned by Eni, with HitecVision holding the remaining 30.4 percent interest.

According to a joint statement, the Vårgrønn joint venture marks the start of a broader strategic cooperation between Eni and Hitecvision. The partnership has already developed Vår Energi, which they describe as a leader in the exploration and production of hydrocarbons in Norway.  

“This new joint venture is part of Eni’s overall strategy for decarbonization and contributes to the progression of our transformation path towards green energy and the circular economy,” Massimo Mondazzi, the chief operating officer of energy evolution at Eni, said in a company statement.

“Offshore wind projects may offer Eni the opportunity to further develop our offshore skills, deploy innovative technologies and promote digitalization in the renewable energy chain,” he added.

Ole Ertvaag, the chief executive officer and founding partner of HitecVision, said, “as a global leader in offshore operations and a major energy nation, Norway is in a position to develop a leading offshore wind industry and unlock significant value creation”.

“We see this opportunity as an attractive investment case,” he added.

Eni describes itself as a global energy company that is changing direction to become a leader in the production and sale of decarbonized products. The new Eni will be increasingly sustainable, with demanding targets for 2035 and 2050, its website states.

HitecVision is a leading provider of institutional capital to Europe’s energy industry, according to its website, which highlights that the company has established or invested in more than 150 companies in the energy industry over more than 30 years. The business has announced an ambition of becoming a major contributor to the energy transition through future investments in renewable energy and infrastructure.

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