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    ENI   IT0003132476

ENI SPA

(ENI)
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Delayed Borsa Italiana  -  11:36 2022-08-12 am EDT
11.63 EUR   +0.35%
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Norway's Vaargroenn enters UK offshore wind with Dogger Bank deal

06/30/2022 | 03:49am EDT

OSLO (Reuters) - Italy's ENI is selling its 20% stake in British offshore wind farm Dogger Bank to its Norwegian green energy joint venture Vaargroenn, partner HitecVision said on Thursday.

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)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ENI SPA 0.35% 11.63 Delayed Quote.-5.16%
HITECVISION AS 0.00% 150 End-of-day quote.0.00%
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Financials
Sales 2022 113 B 116 B 116 B
Net income 2022 11 654 M 11 950 M 11 950 M
Net Debt 2022 11 241 M 11 526 M 11 526 M
P/E ratio 2022 3,61x
Yield 2022 7,56%
Capitalization 40 753 M 41 785 M 41 785 M
EV / Sales 2022 0,46x
EV / Sales 2023 0,44x
Nbr of Employees 32 689
Free-Float 67,6%
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Number of Analysts 23
Last Close Price 11,63 €
Average target price 16,36 €
Spread / Average Target 40,6%
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Claudio Descalzi COO-Exploration & Production Division
Francesco Gattei Chief Financial Officer
Lucia Calvosa Chairman
Francesca Zarri Director-Technology, Digital, R&D
Giuseppe Ricci Deputy Chief Operating Officer
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