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

The agreement was signed on 26 March 2025, with completion expected by the beginning of the third quarter of this year. 

NBIM will pay approximately €1.4m for its stake, valuing the projects at around €2.87m. In total, NBIM’s expected commitment to acquire and fund its share of constructing the wind farms will be approximately €4m. No external debt financing will be involved in the transaction.

The seller of the 49% stake is RWE, which will remain as a 51% owner and operator of the wind farms. The projects will have long-term contracted revenues that provide stable cash flows and reduce risk to the projects.

The wind farms, named Thor and Nordseecluster, are currently under construction and expected to reach commercial operations in 2027 and 2027/29 respectively. The total capacity of the two wind farms is 2,640MW.

Thor will power more than one million Danish homes annually. Nordseecluster will use 104 15MW wind turbines, powering the equivalent of 1.6 million German homes annually.

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