Norges Bank Investment Management (NBIM) has completed the acquisition of a 49% stake in RWE’s Nordseecluster and Thor offshore wind projects, the companies said on Tuesday, in a transaction valued at approximately €1.4 billion.
The deal, first announced in March, gives NBIM nearly half-ownership of the 1,600MW Nordseecluster in Germany and the 1,080MW Thor project in Denmark. RWE will retain a 51% share and remain responsible for the construction and long-term operation of both sites.
RWE said the partnership aligns with its strategy to grow its renewable energy portfolio through co-investments while maintaining operational control. “This transaction supports our strategy to expand renewables through partnerships while keeping control of operations,” the company stated.
The Nordseecluster, located around 50 kilometres north of Juist island in the German North Sea, will be developed in two phases. The 660MW Phase A is expected to begin operations in 2027, with the 900MW Phase B to follow in 2029. Once completed, the cluster is projected to supply electricity to about 1.6 million German households.
Thor, situated 22 kilometres off the west coast of Jutland, will be Denmark’s largest offshore wind project. With a planned capacity of 1,080MW, it is due for full commissioning in 2027 and is expected to provide electricity for over one million Danish homes.
Construction activity is under way at both locations. At the Thor site, monopile installation is progressing, while the first foundations for Nordseecluster A have arrived at Eemshaven and are scheduled for installation later this summer. Turbine installation for both projects is set for 2026.
RWE currently operates 19 offshore wind farms and is actively constructing additional capacity, including the Sofia project off the UK coast and the OranjeWind project in the Netherlands, where it holds a 50% interest.
