Norway-based Vårgrønn has agreed to acquire a 27.4% stake in the operational 288MW Baltic 2 offshore wind farm from PGGM Infrastructure Fund.
EnWB will maintain a majority stake of 50.1% in the Baltic 2 offshore wind farm and will continue to manage operations and maintenance activities.
Arzteversorgung Westfalen-Lippe, Germany's largest pension fund, will keep its 22.5% indirect stake in the wind farm.
Baltic 2, situated in the German Baltic Sea 32km north of the island of Rugen, has been operational since September 2015 and consists of 80 Siemens wind turbines, each with a capacity of 3.6MW.
The turbines use the constantly blowing wind to generate electricity for 340,000 homes.
Baltic 2 has wind turbines almost a third larger than those of Baltic 1 the first wind farm in the region. Its 27km² area is four times that of Baltic 1 and it is capable of generating six times more electricity.
The agreement complements Vårgrønn's existing portfolio of projects currently under development and construction.
With Germany aiming to achieve 30GW of offshore wind capacity by 2030, the country is set to become one of the leading European nations in renewable energy adoption.
Vårgrønn CEO Stephen Bull stated: “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 a new market.”
In May 2023, Vårgrønn formed a partnership with European Energy to jointly develop offshore wind projects in the Baltic Sea, covering Lithuania, Estonia and Latvia.
