Norges Bank Investment Management has acquired a 49% stake in RWE’s 1600MW Nordseecluster and 1100MW Thor offshore wind projects.
RWE will retain a 51% share and remain responsible for the construction and operation of both projects. The transaction, valued at around €1.4bn, was first announced in March and has now completed.
The Nordseecluster will be built in two phases about 50km north of Juist island in the German North Sea. Phase A, with 660MW, is due online in 2027, followed by the 900MW Phase B in 2029. Together, the cluster is expected to supply around 1.6 million German households.
Thor, located 22km off the west coast of Jutland, is Denmark’s largest offshore wind project to date. With a capacity of 1,080MW, it is scheduled to be fully commissioned in 2027 and will generate enough electricity to power over one million Danish homes.
Construction is progressing on both sites. Monopile installation is under way at Thor (pictured), while the first foundations for Nordseecluster A have been delivered to Eemshaven and will be installed this summer. Turbine installation on both projects is planned for 2026.
RWE said the transaction supports its strategy to expand renewables through partnerships while maintaining operational control.
The company currently operates 19 offshore wind farms and is also constructing the Sofia project off England and the OranjeWind project off the Dutch coast, in which it holds a 50% stake.