RWE has signed an agreement with Norges Bank Investment Management (NBIM) as its new partner for the Nordseecluster and Thor offshore wind projects, with capacities of 1.6 GW and 1.1 GW, respectively. These projects are currently under construction off the coasts of Germany and Denmark.

According to information shared by RWE, NBIM will acquire a 49% stake in both projects. RWE will be responsible for the construction and operation of these offshore wind farms throughout their operational lifespan. The agreed purchase price amounts to approximately 1.4 billion euros at the closing of the transaction. The closing of this deal is subject to the relevant approvals and is expected to take place by the beginning of the third quarter of 2025.

Nordseecluster off the coast of Germany

The Nordseecluster, located about 50 km north of the island of Juist, is being developed in two phases: Phase one, Nordseecluster A, with 660 MW, is expected to be fully operational by 2027.

Phase two, Nordseecluster B, with 900 MW, is expected to be fully operational by 2029. In total, the Nordseecluster will generate enough green electricity to supply the equivalent of 1.6 million German households.

Thor, Denmark’s largest offshore wind farm

The Thor wind farm is Denmark's largest offshore wind farm to date and is located about 22 km off the west coast of Jutland. Its commissioning is expected in 2027. With a total capacity of 1,080 MW, it will be capable of producing enough electricity to supply more than one million Danish households.

Both projects will have long-term contracted revenues, providing stable cash flows and reducing project risk.