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Executive Summary
The European Investment Bank (EIB) is supporting RWE’s new 1.1 GW Thor wind farm in the Danish North Sea with a €1.2 billion green loan. This project aligns with RWE’s decarbonization strategy and will power over a million Danish households. The wind farm is set to be operational by 2027, contributing to the North Sea Energy Cooperation’s goal of 120 GW offshore wind capacity by 2030.
Key Impact Points:
- Massive Energy Output: Thor wind farm will power over 1 million Danish households.
- Significant Investment: RWE is investing €55 billion in renewables by 2030.
- Strategic Support: EIB’s €1.2 billion loan boosts RWE’s decarbonization efforts.
The European Investment Bank (EIB) is co-financing RWE’s new 1.1 GW Thor wind farm in the Danish North Sea with a €1.2 billion green loan. This investment will help supply green electricity to over a million Danish households.
“The EIB was one of the very first investors in wind power technology and offshore wind farms. We will continue to support the development and roll out of this technology,” said EIB Vice-President Nicola Beer.
Located 22 kilometers from Thorsminde, the Thor wind farm will feature 72 turbines, each with a 15 MW capacity, provided by Siemens Gamesa. The project includes monopile foundations, inter-array cabling, an offshore converter station, export cables, and onshore infrastructure.
“This loan at attractive terms helps to further diversify our funding sources,” said Michael Müller, CFO of RWE. “We are investing heavily in renewables and focusing on circularity with recyclable rotor blades and CO2-reduced steel towers.”
RWE, the second-largest offshore wind developer globally, is committed to achieving net-zero carbon emissions by 2040. The Thor project is part of RWE’s €55 billion investment in renewables, batteries, flexible generation, and hydrogen projects from 2024 to 2030.
This initiative aligns with the North Sea Energy Cooperation’s aim to deploy 120 GW of offshore wind energy by 2030 and 300 GW by 2050, involving several European nations to accelerate the transition to a net-zero economy.
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The Thor wind farm’s main offshore installations are scheduled for 2025-2026, with full operation expected by the end of 2027. This project exemplifies RWE’s and EIB’s commitment to sustainable energy and the European Union’s goals for a resilient, green future.