• $1.5B Deal: Norges Bank Investment Management acquires 49% of RWE’s Nordseecluster and Thor offshore wind farms.
• Major Capacity: Combined 2.64 GW output will power 2.6M homes across Germany and Denmark.
• CapEx Relief for RWE: Deal reduces RWE’s net cash investment by €4B, creating a €150M book gain.

Norway’s sovereign wealth fund is making a bold clean energy move — investing €1.4B ($1.5B) to acquire a 49% stake in two offshore wind farms under construction in Germany and Denmark.

The buyer, Norges Bank Investment Management (NBIM), will co-own RWE’s 1.6 GW Nordseecluster and 1.1 GW Thor wind projects. RWE, Germany’s top utility, will retain construction and operational control.

“NBIM will acquire a 49% stake in both projects. RWE remains in charge of construction and operations throughout the lifecycle of these offshore wind farms.”

The scale:

• Nordseecluster (located ~50 km north of Juist island) will be built in two phases:
  • Phase A (660 MW): Full commissioning by 2027
  • Phase B (900 MW): Fully online by 2029
  • Expected to power 1.6M German homes
• Thor wind farm (~22 km off Denmark’s Jutland coast) will supply 1M Danish homes, making it Denmark’s largest offshore wind installation.

“Once fully commissioned, wind farms will produce enough electricity to supply a total of more than 2.6 million households in Germany and Denmark.”

This transaction reduces RWE’s capital exposure and helps deliver on its recent capex-trimming strategy.

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“Today’s farm-down announcement is a step forward on reducing RWE’s net capex as announced with the FY24 results and de-risks any further capex risks on these projects,” wrote Bernstein analysts.
“However, RWE still retains the market price-risk for the first 15 years on these projects.”

Analysts estimate the €1.4B deal represents a 12% premium over the capital already spent and translates into a €150M book gain for RWE.

Earlier this month, RWE said it would cut its 2030 investment program by €10B, citing increasing difficulty in meeting return targets amid turbulent renewable sector conditions. This partnership with Norway’s fund provides RWE with capital flexibility while advancing Europe’s clean energy buildout.

Read the full press release here.

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