RWE has entered into an agreement with Norges Bank Investment Management (NBIM), under which NBIM will acquire a 49% equity stake in the Nordseecluster and Thor offshore wind projects currently under construction, according to the company's release.
RWE will continue to lead the construction and operation of these projects. The transaction, valued at approximately €1.4 billion, is subject to customary approvals and is expected to close by the beginning of the third quarter of 2025.
The Nordseecluster, located approximately 50 kilometers north of the island of Juist, is being developed in two phases.
Phase A (Nordseecluster A) has a planned capacity of 660 megawatts (MW) with full commissioning expected in 2027, while Phase B (Nordseecluster B) will add 900 MW, aiming for full commissioning in 2029.
Once operational, the Nordseecluster will generate sufficient electricity to supply approximately 1.6 million German households.
The Thor wind farm, situated about 22 kilometers off the west coast of Jutland, Denmark, will have a total capacity of 1,080 MW. Full commissioning is anticipated in 2027, with the potential to supply electricity to over one million Danish households.
Both projects have secured long-term contracted revenues, ensuring stable cash flows and mitigating project risks. RWE, with over 20 years of experience in offshore wind development and operations, currently manages 19 offshore wind farms.
In addition to the Nordseecluster and Thor, RWE is constructing the Sofia offshore wind farm off the coast of England and the OranjeWind project off the coast of the Netherlands, with construction progressing as planned.
RWE is a leading global energy company headquartered in Essen, Germany. With a strong focus on renewable energy, RWE operates 19 offshore wind farms and is actively expanding its portfolio. The company aims to triple its global offshore wind capacity from the current 3.3 GW to 10 GW by 2030. RWE is involved in various renewable projects across Europe, including the Nordseecluster in Germany and the Thor offshore wind farm in Denmark.
Norges Bank Investment Management manages the Government Pension Fund Global, often referred to as Norway's sovereign wealth fund. NBIM invests globally in equities, fixed income, real estate, and renewable energy infrastructure. The fund aims to safeguard and build financial wealth for future generations by making responsible and sustainable investments worldwide.