NBIM buys 49% stake in RWE’s 1.6GW and 1.1GW offshore wind projects

Norges Bank Investment Management (NBIM) has purchased a 49% equity stake in RWE’s 1.6GW Nordseecluster in Germany and the 1.1GW Thor offshore wind projects in Denmark.

The transaction, valued at €1.4bn, was first announced in March 2025.

Situated 50km north of Juist Island, the Nordseecluster wind farm is undergoing construction in two stages.

The first phase, Nordseecluster A, with a capacity of 660MW, will be fully operational by 2027.

The subsequent phase, Nordseecluster B, with a higher capacity of 900MW, is scheduled for completion in 2029.

The Nordseecluster is projected to generate sufficient green electricity for 1.6 million households in Germany.

Denmark’s largest offshore wind farm, Thor, is located 22km off the Jutland coast and set for full commissioning in 2027.

With a total capacity of 1,080MW, the Thor wind farm will supply electricity to more than one million Danish homes.

Construction of both the Nordseecluster and Thor is on track, with the installation of monopile foundations for Thor already underway and the Nordseecluster A foundations being prepared at Eemshaven for installation in summer 2025.

Wind turbine installation for both projects is planned for 2026. The projects will have long-term contracted revenues that offer stable cash flows and decrease risk to the developments.

RWE operates 19 offshore wind farms. Besides Nordseecluster and Thor, the company is building the Sofia wind farm offshore England and OranjeWind offshore the Netherlands.