Agreement signed to acquire 49% interest in two offshore wind projects in Denmark and Germany

Norges Bank Investment Management has acquired a 49% interest in two offshore wind construction projects located in Denmark and Germany.

Norges Bank Investment Management will pay approximately EUR 1.4 billion (US$ 1.5 billion) for its 49% ownership interest. This values the projects at approximately EUR 2.8 billion (US$ 3 billion). It is set to invest approximately EUR 4 billion (US$ 4.3 billion) to acquire and support the construction of its share in the wind farms, with no reliance on external debt. RWE will retain a 51% ownership stake and continue as the operator of the projects.

The wind farms, named “Thor” and “Nordseecluster”, are currently under construction and are expected to reach commercial operations date in 2027 and 2027/29. The total capacity of the two wind farms is 2,640 MW. Thor will use seventy-two 15 MW wind turbines with a combined total capacity of 1,080 MW, powering the equivalent of more than 1,000,000 Danish homes annually. Nordseecluster will use 104 15 MW wind turbines with a combined total capacity of 1,560 MW, powering the equivalent of 1,600,000 German homes annually.