E - Eni HitecVision form JV for Norway renewable energy projects

Eni (E) says it has formed a joint venture with Norwegian P-E firm HitecVision to develop renewable energy in the Nordic region.The JV, which will be 69.6% owned by Eni, aims have installed electricity capacity of 1 GW towards 2030, initially targeting offshore wind in an upcoming tender in Norway.The two groups formed the Vaar Energi joint oil and gas venture in 2018 with an identical ownership structure, which now operates several fields off Norway, including the Arctic Goliat oilfield."This new joint venture is part of Eni's overall strategy for decarbonization and contributes to the progression of our transformation path towards green energy and the circular economy," the company says.Eni "surprisingly manages to generate positive free cash flow so should be able to maintain its dividend," Power Hedge writes in a report published recently on Seeking Alpha.

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Eni, HitecVision form JV for Norway renewable energy projects