Eni Offshore Wind Partnership Strategy, 3.6 GW Dogger Bank Stake, 2 Saipem Projects, and 1 Vårgrønn Acquisition (2025)

Offshore Wind Partnerships, Eni’s De-risking Model for High-CAPEX Projects

In 2025, Eni is executing a disciplined offshore wind strategy centered on joint ventures and technology partnerships to mitigate financial risk and accelerate entry into both mature fixed-bottom and emerging floating wind markets. This partnership-led model allows the company to share the immense capital expenditure of giga-scale projects and gain access to specialized technology and regional expertise, contrasting with a more go-it-alone approach. The activities of 2025 demonstrate a clear shift from portfolio building in prior years to a focused execution phase, leveraging key alliances to secure market positions in Northern Europe and Italy.

Eni’s Vårgrønn JV Expansion Model

The primary vehicle for Eni‘s offshore wind ambitions is its joint venture Vårgrønn, a collaboration with Norwegian energy investor Hitec Vision. This structure is central to its expansion in the competitive Northern European market, providing a framework for both acquisitions and new development. The JV started the year by closing the acquisition of the Baltic 2 offshore wind farm on January 8, 2025, immediately adding operational capacity. This move, combined with its stake in the massive Dogger Bank project, shows a strategy of balancing stable, generating assets with long-term development projects, a model that differs from the pure-play development strategies of some competitors.

Saipem Technology Partnership for Italy

Eni is replicating its partnership model in its domestic market to pioneer floating wind. On March 5, 2025, its affiliate Divento Energia signed a collaboration agreement with Saipem to develop two floating wind projects off the coasts of Sicily and Sardinia. This alliance is critical as it provides access to Saipem‘s proprietary STAR 1 floating foundation technology, a key enabler for unlocking deep-water sites where fixed-bottom turbines are not feasible. This move signals Eni‘s intent to build a domestic renewable supply chain by adapting engineering expertise from its legacy oil and gas business, creating a distinct competitive advantage in the Italian market.

Offshore Wind Turbine Awards Face 2025 Dip Amidst OEM Duopoly
Offshore WTG awards are projected to dip significantly in 2025, reaching approximately 300 units/capacity, a sharp decline from 2023’s peak of nearly 1000. This market volatility coincides with a near-total OEM duopoly, with Siemens Gamesa (64%) and Vestas (31%) capturing 95% of awarded capacity.

(Source: WindLogix — via Offshore Energy Data Dashboard 2025 – Westwood)

Eni’s 2 Key Alliances, Floating Wind Development (2025)

In 2025, Eni established critical partnerships to accelerate its push into floating offshore wind, securing both development rights in key markets and access to proprietary foundation technology. These collaborations are not just financial but are deeply technological and developmental, creating an ecosystem that supports Eni’s ambition to become a leader in the next generation of offshore wind. The company’s approach involves partnering with regional experts, technology specialists, and project developers to create a multi-faceted support structure for its expansion.

Vårgrønn and Flotation Energy in Scotland

Through its Vårgrønn joint venture, Eni is co-developing two major floating wind projects in Scotland with partner Flotation Energy: the 1.4 GW Cenos project and the 560 MW Green Volt project. These developments are strategically significant, with Green Volt specifically designed to provide renewable power to North Sea oil and gas installations, demonstrating a tangible link between Eni’s energy transition goals and its existing operations. This partnership combines Flotation Energy’s development expertise in the Scottish market with Vårgrønn’s financial and technical capacity, creating a strong consortium for executing some of the world’s largest planned floating wind farms.

Saipem and Divento for Italian Market

The collaboration between Eni‘s affiliate Divento and engineering firm Saipem is designed to establish a floating wind market in Italy. The agreement focuses on two specific projects: the 7 Seas Med project in Sicily and the Ichnusa Wind Power project off the coast of Sardinia. The partnership leverages Saipem’s newly unveiled Star 1 semi-submersible floating foundation, showcasing a strategy to deploy specialized technology from an established oil and gas service provider. This alliance positions Eni as a first mover in its home market, where deep Mediterranean waters make floating technology essential for offshore wind development.

Table: Eni Key Offshore Wind Partnerships and Projects (2025)

Northern Europe vs. Italy, Eni’s Geographic Offshore Wind Focus

Eni‘s offshore wind activities in 2025 are heavily concentrated in Northern Europe, particularly the UK and Norway, while it simultaneously establishes a foothold in its domestic Italian market through targeted floating wind projects. This dual-region focus allows the company to participate in Europe’s most mature offshore wind market for scale while pioneering development in a high-potential, nascent market. The geographic strategy reflects a clear intent to build a pan-European renewable energy business.

Eni’s UK and Norway Project Pipeline

The UK remains the cornerstone of Eni‘s offshore wind portfolio, anchored by its 20% stake in the 3.6 GW Dogger Bank Wind Farm, the world’s largest fixed-bottom project. In 2025, the project progressed with the installation of the substation for its final phase. Beyond this, Eni is targeting the UK’s emerging floating wind sector through Vårgrønn‘s development of the Green Volt and Cenos projects in Scotland. In Norway, Vårgrønn’s position as one of only two bidders for the country’s first commercial floating wind tender at Utsira Nord signals a strong commitment to capturing a leading position in the Norwegian offshore wind market from its inception.

Eni’s Italian Floating Wind Entry

While Northern Europe provides scale, Eni‘s 2025 strategy includes a significant move into its home market of Italy. The partnership with Saipem to develop floating wind farms in Sicily (7 Seas Med) and Sardinia (Ichnusa Wind Power) is a strategic entry into a market with substantial deep-water resources. This initiative leverages local presence and partnerships to build a domestic supply chain for floating wind, positioning Eni to lead Italy’s energy transition and capitalize on its unique maritime geography.

Floating vs. Fixed-Bottom, Eni’s Dual-Technology Approach

Eni pursues a dual-track technology strategy, investing in commercially proven fixed-bottom projects for immediate scale while simultaneously pioneering commercial-scale floating wind to secure a first-mover advantage in a next-generation market. This approach balances near-term returns and capacity targets with long-term technological leadership. The company’s 2025 activities show a clear allocation of capital and resources across both technology types, reflecting a pragmatic view of the offshore wind industry’s evolution.

Eni’s Fixed-Bottom Mega-Projects

Eni‘s primary investment in mature technology is its 20% stake in the 3.6 GW Dogger Bank Wind Farm. This project utilizes conventional fixed-bottom foundations, a bankable and well-understood technology, allowing for reliable, large-scale electricity generation. The project’s construction progress in 2025, including the installation of the final phase’s substation platform, validates the execution of large-scale projects and secures long-term cash flow. This involvement provides Eni with valuable experience in managing mega-projects and de-risks its overall renewable portfolio with a proven asset.

Commercializing Floating Wind Technology

In 2025, Eni made a decisive push to move floating wind from the pilot stage to commercial-scale reality. The development of the 560 MW Green Volt project in Scotland and the planned Italian projects with Saipem represent a significant step-up in project size and ambition. The adoption of Saipem’s STAR 1 floating foundation technology for the Italian projects is a critical signal. It indicates a move to deploy standardized, scalable solutions adapted from the oil and gas sector, a necessary step for reducing costs and accelerating the commercial viability of floating wind.

SWOT Analysis, Eni’s Offshore Wind Strategy and Execution

Eni‘s strategic strengths lie in its partnership-driven financial model and its ability to leverage legacy oil and gas expertise for new energy technologies. However, this reliance on partners can also be a weakness, potentially limiting operational control. The company’s focus on the nascent floating wind sector presents significant opportunities for market leadership but also exposes it to technological and policy risks, alongside intense competition from other energy majors like BP and Shell.

Table: SWOT Analysis for Eni Offshore Wind Initiatives (2025)

Eni’s Floating Wind Bet, 2 Saipem Projects Test Commercial Scale

The success of Eni‘s offshore wind strategy in the coming year hinges on its ability to transition its floating wind projects, particularly the Italian developments with Saipem, from planning to commercially viable execution. This will be the ultimate test of its partnership-led, technology-forward model. While the company has successfully entered key projects, the next phase of delivering on these ambitious floating wind developments will determine its long-term leadership position.

• If Eni, through its Vårgrønn joint venture, is officially awarded project sites in Norway’s Utsira Nord tender by the end of 2025, it will solidify its standing as a leading floating wind developer in Europe’s most structured market for the technology.
• Watch for final investment decisions (FIDs) on the Italian floating wind projects, 7 Seas Med and Ichnusa Wind Power. A positive FID would be a strong validation of the commercial case for the Saipem STAR 1 technology and Eni‘s strategy for its home market.
• These developments could signal an acceleration of Eni‘s strategy, potentially leading to the expansion of its technology partnership model into new geographies or further acquisitions of late-stage development assets to meet its growing renewable capacity targets.

The questions your competitors are already asking

This report covers one angle of Eni’s offshore wind partnership strategy. The questions that matter most depend on your work.

• Saipem STAR 1 floating wind commercial viability
• Norway Utsira Nord floating wind tender results
• TotalEnergies offshore wind partnership model
• Dogger Bank wind farm project returns

This report does not answer these. Enki Brief Pro does.

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