RWE has signed an agreement with Norges Bank Investment Management (NBIM) as its new partner for the Nordseecluster and Thor offshore wind projects, currently under construction.
Under the agreement, NBIM will acquire a 49% stake in both projects, with the purchase price is approximately $1.5 billion as of closing.
RWE remains in charge of construction and operations throughout the lifecycle of these offshore wind farms.
Closing of this transaction is subject to customary approvals and expected by beginning of the third quarter of 2025.
The Nordseecluster, located approximately 50 km north of the island of Juist, is being built in two phases. For the first phase, Nordseecluster A with 660 megawatts (MW), full commissioning is planned for 2027. For the second phase, Nordseecluster B with 900 MW, full commissioning is scheduled for 2029.
In total, Nordseecluster will be generating enough green electricity to supply the equivalent of 1.6 million German households.
The Thor wind farm is Denmark’s largest offshore wind farm to date and is located approximately 22 km off the west coast of Jutland. Full commissioning is planned for 2027. With a total capacity of 1,080 MW, it will be able to produce enough electricity to supply more than one million Danish households.
The projects will have long-term contracted revenues that provide stable cash flows and reduce risk to the projects.
RWE operates 19 offshore wind farms. In addition to Nordseecluster and Thor, RWE is building the Sofia offshore wind farm off the coast of England, and OranjeWind off the coast of the Netherlands. Construction is progressing according to plan.