Norges Bank Investment Management (NBIM) has acquired a 49% equity stake in RWE’s 1600MW Nordseecluster and 1100MW Thor offshore wind projects.
RWE will remain in charge of construction and operations throughout the lifecycle of the two offshore wind farms.
The agreed purchase price is approximately €1.4bn as of closing and is subject to customary approvals.
Closing of the transaction is expected by the beginning of the third quarter of 2025.
The Nordseecluster, located approximately 50km north of the island of Juist, is being built in two phases.
The first phase, Nordseecluster A, is 660MW and full commissioning is planned for 2027.
Full commissioning for the second phase, the 900MW Nordseecluster B, is scheduled for 2029.
In total, Nordseecluster will generate enough green electricity to supply the equivalent of 1.6 million German households.
The Thor wind farm is Denmark’s largest offshore wind farm to date and is located approximately 22km off the west coast of Jutland.
Equipment for the projects has begun arriving in Denmark (pictured).
Full commissioning is planned for 2027. With a total capacity of 1080MW, it will be able to produce enough electricity to supply more than one million Danish households.