Fund manager Norwegian Norges Bank Investment Management has acquired a 49% stake in two North Sea wind farms in a €1.4 billion (US $1.5 billion) deal with RWE. (Source: Shutterstock)
Fund manager Norwegian Norges Bank Investment Management has acquired a 49% stake in two North Sea wind farms in a €1.4 billion (US $1.5 billion) deal with RWE, the energy company said March 31.
The transaction, expected to close in third-quarter 2025 pending customary approvals, includes the Nordseecluster wind farm in the German North Sea and the Thor wind farm in the Danish North Sea. Both projects are under construction.
The fund’s expected commitment for acquiring and funding its share of constructing the wind farms will be about €4 billion (US$4.3 billion), Norges Bank Investment Management said in a news release. No external debt financing will be involved in the transaction, it added.
In a separate news release, RWE said it will remain in charge of construction and operations throughout the lifecycle of the offshore wind farms. Combined, the two wind farms are expected to generate enough electricity to power more than 2.6 million households in Germany and Denmark, according to RWE.
“The projects will have long-term contracted revenues that provide stable cash flows and reduce risk to the projects,” RWE said.
Nordseecluster is being built in two phases: the 660-megawatt (MW) Nordseecluster A, with full commissioning planned for 2027, and the 900-MW Nordseecluster B with full commissioning scheduled for 2029.
Thor, the largest offshore wind farm to date offshore Denmark, is expected to reach full commissioning in 2027. The wind farm will have a total capacity of about 1.1 GW.
Recommended Reading
Waterous Raises $1B PE Fund for Canadian Oil, Gas Investments
2025-04-01 - Waterous Energy Fund (WEF) raised US$1 billion for its third fund and backed oil sands producer Greenfire Resources.
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
Utica Oil Player Ascent Resources ‘Considering’ an IPO
2025-03-07 - The 12-year-old privately held E&P Ascent Resources produced 2.2 Bcfe/d in the fourth quarter, including 14% liquids from the liquids-rich eastern Ohio Utica.
The Private Equity Puzzle: Rebuilding Portfolios After M&A Craze
2025-01-28 - In the Haynesville, Delaware and Utica, Post Oak Energy Capital is supporting companies determined to make a profitable footprint.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.