Wedoany.com Report-Jun 5, Norges Bank Investment Management has finalized the acquisition of a 49% stake in two offshore wind projects developed by RWE: the Nordseecluster in Germany and the Thor project in Denmark. The deal, initially announced in March, is valued at approximately €1.4 billion. RWE retains the majority 51% share and will continue to lead the construction and operation of both projects.

The Nordseecluster is located around 50 kilometers north of Juist island in the German North Sea. It is being developed in two phases. Phase A will deliver 660 megawatts (MW) and is expected to be operational in 2027. Phase B will add 900MW and is scheduled for completion in 2029. Combined, the Nordseecluster will have a total capacity of 1,600MW and is projected to provide electricity for approximately 1.6 million households in Germany.

The Thor offshore wind project, situated 22 kilometers off the west coast of Jutland, is Denmark’s largest project of its kind to date. With a capacity of 1,080MW, Thor is planned to be fully operational by 2027 and will supply power to over one million households in Denmark.

Construction activity is ongoing at both sites. At the Thor project, monopile installation is currently under way. For the Nordseecluster, the first set of foundations for Phase A has arrived at Eemshaven and will be installed during the summer of 2025. Turbine installation for both projects is scheduled for 2026.

RWE stated: “This transaction supports our strategy to expand our renewables portfolio through partnerships while maintaining operational control.” The company emphasized its ongoing focus on developing clean energy assets in collaboration with institutional investors.

RWE currently operates 19 offshore wind farms and is expanding its portfolio further with additional projects. These include the Sofia wind farm off the coast of England and the OranjeWind project located off the coast of the Netherlands, in which RWE holds a 50% stake.

The partnership with Norges Bank Investment Management marks a significant step in advancing offshore wind development in Europe, supporting renewable energy targets and contributing to the region’s electricity supply.