By Giulia Petroni

Eni SpA said Wednesday that it has created a joint venture with Norwegian energy investor HitecVision A/S in order to develop green-energy projects in Norway.

The Italian energy company said the JV, called 'Vargronn', will focus on opportunities in the offshore wind sector, as it targets an installed capacity of 1 gigawatt towards 2030 in the region.

Eni will hold 69.6% of the new company, while HitecVision 30.4%.

"This new joint venture is part of Eni's overall strategy for decarbonisation and contributes to the progression of our transformation path towards green energy and the circular economy," the Italian company said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 11, 2020 03:14 ET (08:14 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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