Norges Bank Invests in Major Offshore Wind Projects
Norges Bank Investment Management (NBIM), the entity overseeing the world’s largest sovereign wealth fund, has made a significant investment by acquiring a 49% stake in two offshore wind projects from German utility company RWE. This strategic move involves a purchase price of approximately €1.4 billion ($1.5 billion) for stakes in the Nordseecluster and Thor projects, both currently under construction. The transaction is expected to close by early Q3 2025, with RWE maintaining operational control throughout the projects’ lifecycles.
Details of the Wind Projects
The Nordseecluster project, situated about 50 kilometers north of the island of Juist, is being developed in two phases. The first phase, known as Nordseecluster A, will have a capacity of 660 megawatts (MW) and is scheduled for full commissioning in 2027. The second phase, Nordseecluster B, will add another 900 MW and is expected to be operational by 2029. Together, these phases will generate enough green electricity to power approximately 1.6 million German households.
Meanwhile, the Thor wind farm, which is Denmark’s largest offshore wind project to date, is located around 22 kilometers off the west coast of Jutland. With a total capacity of 1,080 MW, it is set to provide electricity for more than 1 million Danish households, with full commissioning also planned for 2027. Both projects are designed to secure long-term contracted revenues, ensuring stable cash flows and minimizing risks associated with their operations.
RWE, which currently operates 19 offshore wind farms, is also engaged in constructing additional projects, including the Sofia offshore wind farm off the coast of England and the OranjeWind project in the Netherlands. This investment by NBIM underscores the growing importance of renewable energy sources in global energy portfolios.
