Norges Bank Investment Management (NBIM) will acquire a 49% stake in two offshore wind projects, Nordseecluster in Germany and Thor in Denmark, for €1.4bn ($1.5bn) from RWE.
RWE will retain a 51% ownership and continue as the developer and operator of the wind farms, which are currently under construction.
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The deal values the projects at €2.87bn, with NBIM’s investment reaching €4bn, including funding its share of wind farm construction with no external debt financing.
The transaction will be completed by the start of the third quarter of 2025, subject to approvals.
The 1.1GW Thor, which will be Denmark’s largest offshore wind farm, will feature 72 15MW turbines. It will be capable of powering more than one million Danish homes annually and be fully operational by 2027.
The 1.6GW Nordseecluster, located near the German island of Juist, will have 104 15MW turbines. It will generate power sufficient for 1.6 million German households.
The Nordseecluster will be built in two phases: the 600MW Nordseecluster A and the 900MW Nordseecluster B.
Full commissioning of Nordseecluster A is expected in 2027 and Nordseecluster B in 2029.
The projects will generate long-term contracted revenues, ensuring stable cash flows and minimising risks associated with the projects.
In addition to Nordseecluster and Thor, RWE is progressing with the construction of the Sofia offshore wind farm in England and OranjeWind in the Netherlands.
In March 2025, RWE provided an installation contract to Global Wind Service for the Thor offshore wind farm project in the Danish North Sea.
