Vårgrønn is set to acquire a 27.4% stake in the Baltic 2 offshore wind farm from PGGM Infrastructure Fund, marking its entry into the German renewable energy market.

Information on the Target

Vårgrønn has reached an agreement to acquire a 27.4% stake in the operational Baltic 2 offshore wind farm, which boasts a capacity of 288 MW. This wind farm is located in the German Baltic Sea, approximately 32 km north of the Island of Rügen, and commenced operations in September 2015. The facility comprises 80 Siemens wind turbines, each with a capacity of 3.6 MW, collectively generating around 1,200 GWh of renewable energy annually. This output is sufficient to power approximately 340,000 households and is instrumental in reducing carbon dioxide emissions by an estimated 900,000 tonnes.

Industry Overview in Germany

The German offshore wind market is considered one of the most dynamic sectors in Europe, driven by significant government initiatives and a robust increase in energy demand. The country aims to bolster its offshore wind capacity to 30 GW by 2030, positioning itself as a leader in renewable energy within the European landscape. This ambitious target fosters an environment conducive to investment in renewable technologies and infrastructure.

Government policies in Germany emphasize sustainable energy development, offering incentives and subsidies for offshore wind projects. The transition t