RWE Partners with NBIM in €1.4 Billion Deal to Boost Offshore Wind Capacity in Germany and Denmark

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(IN BRIEF) RWE has partnered with Norges Bank Investment Management to transfer a 49% stake in its Nordseecluster and Thor offshore wind projects, valued at approximately €1.4 billion. RWE will remain responsible for the projects’ construction and ongoing operations. The Nordseecluster project, located north of Juist, is being developed in two phases, aiming to power around 1.6 million German households by 2027 and 2029. The Thor project, Denmark’s largest offshore wind farm, located off Jutland, is set to supply electricity to over one million households once commissioned in 2027. Both projects are backed by long-term contracts ensuring stable revenues, reinforcing RWE’s leadership and experience in the global offshore wind sector.

(PRESS RELEASE) ESSEN, 31-Mar-2025 — /EuropaWire/ — RWE has entered into an agreement with Norges Bank Investment Management (NBIM) to secure a 49% equity share in its two major offshore wind projects: the Nordseecluster and Thor wind farms. Under the new partnership, NBIM will invest approximately €1.4 billion, with the transaction expected to close by early Q3 2025, pending the usual regulatory approvals. RWE will continue to oversee both the construction and long-term operations of these renewable energy installations.

The Nordseecluster project, positioned about 50 kilometers north of Juist island, is being executed in two distinct phases. The initial phase, Nordseecluster A, will deploy 660 megawatts (MW) with its full commissioning slated for 2027, while the subsequent phase, Nordseecluster B, will add 900 MW and is targeted for completion in 2029. Once operational, this wind farm is set to generate sufficient green energy to power approximately 1.6 million households in Germany.

Meanwhile, the Thor wind farm, which will become Denmark’s largest offshore wind installation, is located roughly 22 kilometers off the western coast of Jutland. With an overall capacity of 1,080 MW, Thor is projected to be fully commissioned in 2027, producing enough electricity to supply over one million Danish households.

Both projects benefit from long-term revenue contracts that are designed to secure steady cash flows and mitigate financial risks. With over two decades of expertise in the offshore wind industry, RWE stands as a global leader in renewable energy, currently operating 19 wind farms and advancing other significant projects, including the Sofia offshore wind farm in England and OranjeWind in the Netherlands. Construction for all projects is progressing according to schedule.

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SOURCE: RWE