Vårgrønn acquires 27.4% stake in Germany’s Baltic 2 offshore wind farm

Norwegian renewable energy company Vårgrønn has secured a 27.4% stake in the 288 MW Baltic 2 offshore wind farm from PGGM Infrastructure Fund. 

EnBW will retain its majority ownership at 50.1% and continue managing operations and maintenance, while Germany’s largest pension fund, Ärzteversorgung Westfalen-Lippe, will maintain a 22.5% indirect stake.

Located 32 km off the coast of Rugen in the German Baltic Sea, Baltic 2 has been operational since September 2015, generating electricity through 80 Siemens wind turbines with a combined capacity of 3.6 MW each. 

The wind farm supplies power to 340,000 homes and spans 27 km², nearly four times the area of Baltic 1. With Germany targeting 30 GW of offshore wind capacity by 2030, this acquisition aligns with the country’s renewable energy ambitions.

Stephen Bull, CEO of Vårgrønn, stated that the acquisition provides a strong foundation for growth and operational insights in one of the world’s largest offshore wind markets. Vårgrønn also announced a partnership in May 2023 with European Energy to develop offshore wind projects in the Baltic Sea, including Lithuania, Estonia, and Latvia.