EIB Backs RWE’s Thor Offshore Wind Project with €1.2bn Loan

The European Investment Bank (EIB) has approved a €1.2 billion loan to support RWE's ambitious Thor offshore wind project off the coast of Denmark, signaling a significant investment in renewable energy infrastructure.

This financial backing from EIB will co- RWE's construction of 72 monopiles and 15MW turbines, along with inter-array cabling, an offshore converter station, export wires, onshore lines, and a substation. Gamesa will provide the turbines, while the transmission system operator Energinet will oversee the connection to the national grid.

Located approximately 22 kilometers from Thorsminde in Holstebro municipality on Jutland's west coast, the Thor project aims to be fully operational by the end of 2027, with major offshore installation works scheduled for 2025 and 2026.

“The EIB was one of the very first investors in wind power technology and offshore wind farms. We will continue to support the development and the roll out of this technology,” stated EIB Vice President Nicola Beer, emphasizing the bank's commitment to advancing sustainable energy solutions.

RWE's Chief Financial Officer, Michael Muller, highlighted the strategic importance of the loan, stating, “This loan at attractive terms helps to further diversify our sources. With our Growing Green investment programme, we are investing heavily in renewables and focusing on circularity.”

Muller also underscored RWE's innovative approach to sustainability at Thor, mentioning the use of recyclable rotor blades and pioneering CO2-reduced steel towers to minimize the wind turbines' carbon footprint.

The Thor offshore , set to power over a million households, aligns with European Union priorities for achieving a net-zero economy and fostering resilience in the face of climate challenges.

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