RWE announced that Norges Bank Investment Management (NBIM) will acquire 49 percent stake in the Nordseecluster and Thor offshore wind projects — currently under construction — for €1.4 billion.
RWE will be handling construction and operations throughout the lifecycle of these offshore wind farms.
RWE’s Nordseecluster offshore wind project, located 50 km north of Juist, is being developed in two phases. The first phase, Nordseecluster A (660 MW), is set for full commissioning in 2027, while the second phase, Nordseecluster B (900 MW), is scheduled for 2029. Once completed, the project will generate enough green electricity to power 1.6 million German households.
RWE’s Thor wind farm, Denmark’s largest offshore wind project, is located 22 km off the west coast of Jutland. With a total capacity of 1,080 MW, it is set for full commissioning in 2027 and will generate enough electricity to power over 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.