Vaargroenn, a venture between ENI and Norwegian investment firm HitecVision, will acquire the 20% interest in Dogger Bank currently held by ENI's retail and renewables business Plenitude, according to the statement.
Dogger Bank consists of three stages of 1.2 gigawatt capacity each, and once completed in 2026, it will be the world's largest offshore wind farm.
The transaction is part of a wider move to expand Vaargroenn into a full cycle offshore wind player, targeting 5 gigawatt of installed and sanctioned offshore wind capacity by 2030 and focusing on key Northern European markets, HitecVision said.
Under the agreement, Vaargroenn will also acquire Plenitude's other early-stage initiatives in its key markets, according to the statement.
At the same time, HitecVision will increase its ownership share in Vaargroenn from 30.4% to 35%, while Plenitude will retain the remaining 65%.
To date, Vaargroenn is focused on its domestic Norwegian market, where it has joined up two partnerships seeking to develop both floating and bottom-fixed offshore wind farms.
(Reporting by Nora Buli, editing by Gwladys Fouche)