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.
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