Vargronn As
Vårgrønn is a pure-play offshore wind developer and operator in Northern Europe. A joint venture of Eni Plenitude and HitecVision, it develops, constructs and owns bottom-fixed and floating wind projects serving utilities, governments and oil and gas operators.
- Company typePrivate
- Founded2021
- HeadquartersStavanger, Norway
- Headcount—
- GTM typeB2B
- OfferingServices
What Vargronn As does
Vårgrønn AS is a pure-play offshore wind developer that develops, constructs, operates and owns offshore wind energy projects and related infrastructure across Northern Europe. Founded in 2021 as a 50/50 joint venture between Eni Plenitude and HitecVision, the company concentrates on both bottom-fixed and floating offshore wind technologies, with offices in Stavanger (headquarters), Oslo and London. Its project portfolio includes Baltic 2 (288 MW operational, Germany, 27.4% stake), Dogger Bank (3.6 GW under construction in the UK, 20% stake alongside SSE and Equinor), Green Volt (up to 500 MW floating, consent awarded in Scotland), Cenos (up to 1.4 GW floating, area exclusivity in Scotland), Utsira Nord (500+ MW floating, area exclusivity awarded in Norway with Equinor) and a Baltic states partnership with European Energy. The company targets multiple gigawatts of offshore wind capacity in operation or under construction by 2030.
The business model combines long-term asset ownership with project development services for joint venture partners and third-party clients. Revenue is derived from power generation sold under power purchase agreements and merchant sales (including renewable certificates), together with development, construction management and asset management services for partners. The customer base spans three primary segments: energy utilities and power companies seeking co-investment and operational asset ownership; national governments and regulatory bodies running offshore wind tenders and lease auctions; and oil and gas operators seeking electrification of offshore platforms via offshore wind power. Vårgrønn does not publicly disclose pricing for its services; project economics are determined through competitive tenders and bilateral negotiations.
Vårgrønn's competitive position rests on a management team drawn heavily from Equinor, Eni, Vattenfall, SSE, Orsted and other major energy companies, providing decades of collective offshore experience including leadership of Dogger Bank, Hywind Scotland, Hywind Tampen and Equinor US Wind. Strategic partnerships with Equinor (including access to the Hywind floating wind concept with 20+ years of operating data), SSE, Flotation Energy, European Energy, EnBW, GE Vernova, Aker Solutions, ABB, Hitachi Energy, Worley and Seaway7 cover turbines, foundations, substations, installation vessels and FEED engineering. The company holds ISO 9001 (quality) and ISO 14001 (environmental) certifications obtained in April 2024, is GDPR-compliant and is a signatory to the UN Global Compact.
Vargronn As firmographics
Firmographics- Name
- Vargronn As
- Legal name
- Vårgrønn AS
- Website
- https://vargronn.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Short description
- Vårgrønn is a pure-play offshore wind developer and operator in Northern Europe. A joint venture of Eni Plenitude and HitecVision, it develops, constructs and owns bottom-fixed and floating wind projects serving utilities, governments and oil and gas operators.
- Ownership category
- akta.pro rank
Vargronn As industry classification
Industry- Product category
- Offshore Wind Energy
- NAICS
- Wind Electric Power Generation (221115)
- akta.pro primary industry
- Offshore Wind Project Development & Leasing (EUAMACAB)
- akta.pro secondary industries
- Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF), Offshore Wind Power Generation (Fixed-Bottom) (EUACAFAB), Offshore Wind Power Generation (Floating) (EUACAFAC)
Keywords
Where Vargronn As is headquartered
LocationHeadquarters
- HQ city
- Stavanger
- HQ country
- Norway
- HQ region
- Europe
Offices4 records
Markets served
Vargronn As business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Supply Chain, Infrastructure, Marketing or Sales
Revenue model
- Offshore Wind Power Generation: Generate and sell electricity from operational offshore wind farms. Revenue derived from power purchase agreements and merchant power sales. Includes sale of renewable certificates and green power attributes.
- Project Development Services: Early-stage project development, construction management, and asset management services for joint venture partners and third-party clients
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Vargronn As product offering
Product offeringCore offering
Vårgrønn develops, constructs, operates and owns offshore wind energy projects and related infrastructure in Northern Europe. The company is a pure-play offshore wind firm spanning both bottom-fixed and floating offshore wind technologies, with a portfolio that includes operational, under-construction, and development-stage projects across the UK, Norway, Germany, and the Baltic states. It generates revenue from selling electricity via power purchase agreements and merchant power sales, sale of renewable certificates, and project development/asset management services for joint venture partners and third-party clients.
Product overview
Vårgrønn is a pure-play offshore wind company that develops, constructs, operates and owns offshore wind energy and infrastructure in Northern Europe. The company operates as a joint venture between Eni Plenitude and HitecVision. Its portfolio spans both bottom-fixed and floating offshore wind technologies across multiple markets: Dogger Bank (3.6 GW under construction in UK), Green Volt (up to 500 MW floating in UK), Cenos (up to 1.4 GW floating in UK), Utsira Nord (500+ MW floating in Norway), Baltic 2 (288 MW operational in Germany), and Baltic Partnership (developing bid in Baltics). The company targets multiple GW of offshore wind capacity in operation or under construction by 2030.
Differentiator
Problem solved
Functional benefit
Products and services
- Dogger Bank World's largest offshore wind farm under construction with 3.6 GW combined capacity across three 1.2 GW phases. Vårgrønn holds 20% interest in the joint venture with SSE Renewables (40%) and Equinor (40%). Will be capable of powering approximately 6 million UK homes annually when fully complete.
- Green Volt Pioneering floating offshore wind project delivering up to 500 MW capacity off Scotland's coast, designed to power oil and gas platforms while providing green power to the UK grid. Developed as a joint venture with Flotation Energy. Project estimated to contribute £2.5 billion in Gross Value Added to UK economy and create up to 2,800 jobs.
- Cenos Floating wind project with capacity up to 1.4 GW, developed for INTOG-tender in Scotland. Aims to deliver 5.5 TWh annually of green power to oil and gas platforms. Developed as a joint venture with Flotation Energy.
- Utsira Nord 500+ MW floating offshore wind project in Norway developed in partnership with Equinor, based on the Hywind concept. Area exclusivity awarded by Norwegian Ministry of Energy; successful applicants eligible for state aid up to NOK 35 billion.
- Baltic 2 288 MW bottom-fixed offshore wind farm in German Baltic Sea with 80 wind turbines, producing around 1,200 GWh per year. Provides renewable energy to approximately 340,000 households in Germany, abating around 900,000 tonnes of CO2 emissions annually. Vårgrønn holds 27.4%, with EnBW holding 50.1% (managing operations and maintenance).
- Baltic Partnership Strategic partnership with European Energy to jointly pursue offshore wind opportunities in Lithuania, Estonia and Latvia. Spans entire offshore wind lifecycle from development and financing through construction and operation.
Quantifiable outcome
- Dogger Bank will power 6 million UK homes annually when complete
- +3 more outcomes
Companies that use Vargronn As
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Vargronn As technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Vargronn As partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered strategic, core and minor.
- WorleystrategicFEED contract for Green Volt onshore substation. Leading 12 months of engineering work from Aberdeen office covering electrical, construction, commissioning, operations and maintenance and decommissioning engineering scopes.
- EnBWstrategicPartnership in Baltic 2 offshore wind farm following Vårgrønn's acquisition of PGGM's stake. EnBW holds 50.1% and manages operations and maintenance. Vårgrønn holds 27.4%. Ärzteversorgung Westfalen-Lippe holds 22.5%.
- Aker Solutions and ABBstrategicFEED Phase 1 contract consortium for Green Volt offshore substation. Aker Solutions leading topside and jacket FEED design from London; ABB providing HV voltage system, telecommunication, substation automation and hardware delivery.
- Aibel and Hitachi EnergystrategicFEED Phase 1 contract consortium for Green Volt offshore substation. Aibel providing offshore wind experience and engineering; Hitachi Energy designing high voltage system connecting windfarm to grid and enabling power flow to oil and gas assets.
- Seaway7strategicVessel charter agreement for Dogger Bank turbine installation. Seaway Ventus jack-up installation vessel to perform turbine transport and installation work for GE Vernova Haliade-X turbines starting 2026.
- European EnergystrategicStrategic partnership announced May 2023 to jointly pursue offshore wind opportunities in the Baltic Sea within Lithuania, Estonia and Latvia. Partnership spans entire offshore wind lifecycle from development and financing through construction and operation.
- EquinorcorePartnership with Equinor for offshore wind project development. Vårgrønn and Equinor jointly own 60% of Dogger Bank (Vårgrønn 20%, Equinor 40%) and are consortium partners for Utsira Nord floating wind project in Norway. Consortium working on Utsira Nord since 2021, based on Equinor's Hywind concept.
- SSE RenewablescoreJoint venture partner in Dogger Bank offshore wind project. SSE Renewables holds 40% and is leading construction of the project. Vårgrønn holds 20% stake. Equinor holds 40% and will lead operations.
- Flotation EnergycoreJoint venture partner for Green Volt and Cenos floating offshore wind projects. Green Volt is a pioneering project set to become world's first large-scale commercial floating wind farm. Cenos is another floating wind project under development.
- Ärzteversorgung Westfalen-LippeminorLargest pension fund in Germany holding 22.5% indirect stake in Baltic 2 offshore wind farm following Vårgrønn's acquisition.
- GE VernovastrategicTurbine supplier for Dogger Bank project. Providing Haliade-X offshore wind turbines. Also involved in selecting Maraen Port of Nigg as marshalling harbour for turbine components.
Scale indicators8 records
Recent moves6 records
Expansion highlights7 records
Vargronn As competitors and assessment
Company assessmentBroad incumbents
- RWE: RWE is a German utility with a large offshore wind portfolio developed through its RWE Renewables segment, including major UK projects (Sofia, Triton Knoll) and operations across Europe. Comparable as a broad incumbent utility with significant offshore wind exposure rather than a pure-play.
- EDF Renewables: EDF Renewables is a major global renewables developer with offshore wind projects including the Neart na Gaoithe and French offshore tenders. Comparable as a broad incumbent utility with multi-market offshore wind development operations.
- EnBW: EnBW is Vårgrønn's JV partner on Baltic 2 and a major German utility with offshore wind operations including Baltic 1 and Baltic 2. Comparable as a broad incumbent German utility developing offshore wind with a focused Northern European footprint.
- Iberdrola (ScottishPower Renewables): Iberdrola, through its ScottishPower Renewables subsidiary, is a major UK offshore wind developer (East Anglia Hub, MachairWind, MarramWind). Comparable as a broad incumbent utility with significant offshore wind operations in Vårgrønn's core UK market.
Direct peers
- Vattenfall: Vattenfall is a major European utility with a significant offshore wind development portfolio, including projects in the UK, Germany, Scandinavia, and the Netherlands (e.g. Hollandse Kust Zuid, Norfolk projects, Aberdeen bay). Comparable as a Northern European utility-backed offshore wind developer and operator.
- SSE Renewables: SSE is Vårgrønn's joint venture partner on Dogger Bank and a leading UK-based renewables developer with a substantial offshore wind portfolio (Dogger Bank, Berwick Bank, Seagreen). Comparable as a UK/Ireland-focused offshore wind developer with utility backing.
- Equinor: Equinor is both Vårgrønn's partner (Dogger Bank, Utsira Nord) and a competing offshore wind developer with major holdings including Hywind floating wind, Empire Wind, and multiple UK/Norwegian projects. Directly comparable as a Northern European offshore wind developer with major oil and gas heritage.
- Ørsted: Ørsted is the global leader in offshore wind development and operations, headquartered in Denmark. It is the most directly comparable pure-play offshore wind developer to Vårgrønn, with a multi-GW operational and pipeline portfolio across the UK, US, and Asia-Pacific.
Emerging players
- Corio Generation: Corio Generation is a Macquarie/IFM-backed global offshore wind developer with major projects (Sceirde Rocks, Ocean Wind 1, Greater Changhua). Comparable as an emerging pure-play offshore wind developer with a similarly multi-GW global pipeline strategy.
- Flotation Energy: Flotation Energy is Vårgrønn's JV partner on Green Volt and Cenos, focused on floating offshore wind development in the UK. Comparable as an emerging specialist in floating offshore wind with overlapping pipeline geography.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Vargronn As social profiles
Digital presenceVargronn As compliance and trust
Trust signalCompliance3 records
Vargronn As financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vargronn As leadership team
Management profileNumber of profiles
Profiles9 records
Vargronn As funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vargronn As M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vargronn As
What does Vargronn As do?
Vårgrønn develops, constructs, operates and owns offshore wind energy projects and related infrastructure in Northern Europe. The company is a pure-play offshore wind firm spanning both bottom-fixed and floating offshore wind technologies, with a portfolio that includes operational, under-construction, and development-stage projects across the UK, Norway, Germany, and the Baltic states. It generates revenue from selling electricity via power purchase agreements and merchant power sales, sale of renewable certificates, and project development/asset management services for joint venture partners and third-party clients.
Is Vargronn As a public or private company?
Vargronn As is a private company. It is classified as corporate owned and is currently operating.
When was Vargronn As founded?
Vargronn As was founded in 2021.
Where is Vargronn As based?
Vargronn As is headquartered in Stavanger, Norway, in the Europe region.
How does Vargronn As make money?
Two revenue lines are on record. Offshore Wind Power Generation is the primary driver. The others are project Development Services.
Who are Vargronn As's main competitors?
Broad incumbents on record are RWE, EDF Renewables, EnBW and Iberdrola (ScottishPower Renewables). Direct peers are Vattenfall, SSE Renewables, Equinor and Ørsted. Emerging players are Corio Generation and Flotation Energy.
Does Vargronn As have an API?
No public API is recorded for Vargronn As.
What industry is Vargronn As in?
Vargronn As's product category is Offshore Wind Energy. Its primary akta.pro industry code is EUAMACAB, Offshore Wind Project Development & Leasing, with a secondary code of EUACAFAF, Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations). Its NAICS code is 221115.