NBIM to acquire stake in Nordseecluster and Thor offshore wind projects

Norges Bank Investment Management (NBIM) will acquire a 49% stake in two offshore wind projects, Nordseecluster in Germany and Thor in Denmark, for €1.4 billion ($1.5 billion) from RWE. The deal, subject to regulatory approvals, is expected to close by the third quarter of 2025.

RWE will retain a 51% stake and continue as the developer and operator of both projects, which are currently under construction. The total valuation of the projects stands at €2.87 billion, with NBIM’s total investment reaching €4 billion, including its share of construction costs. The deal does not involve external debt financing.

The 1.1 GW Thor offshore wind farm will be Denmark’s largest, featuring 72 turbines of 15 MW each. Once fully operational in 2027, it will generate enough power for over one million Danish homes.

The 1.6 GW Nordseecluster, located near the German island of Juist, will consist of 104 turbines of 15 MW each. It will be developed in two phases—600 MW Nordseecluster A and 900 MW Nordseecluster B. Nordseecluster A is set to be commissioned in 2027, followed by Nordseecluster B in 2029. The wind farm will provide electricity to 1.6 million German households.

Both projects are expected to generate long-term contracted revenues, ensuring stable cash flows and reducing financial risks.

Beyond these projects, RWE is also developing the Sofia offshore wind farm in England and OranjeWind in the Netherlands.