Stake Transaction

On 8 January 2025, Vårgrønn, a joint venture between Plenitude and Norway’s HitecVision, completed the acquisition of PGGM Infrastructure Fund’s entire shareholding in the EnBW Baltic 2 offshore wind farm. PGGM’s stake amounted to 27.4% of the 288 MW project, and its sale marked Vårgrønn’s entry into the German offshore wind market. After the transaction, EnBW continued to own a majority 50.1% interest and remained responsible for operations and maintenance, while German pension fund Ärzteversorgung Westfalen‑Lippe retained its existing 22.5% indirect stake. The acquisition gives Vårgrønn a substantial minority position in the operational wind farm, which comprises 80 Siemens SWT‑3.6‑120 turbines and produces around 1,200 GWh of electricity per year, supplying roughly 340,000 households and avoiding about 900,000 tonnes of CO₂ emissions annually.