RWE Partners with Norges Bank Investment Management for Major Wind Farm Investment

Norges Bank Investment Management (NBIM), the fund management division of Norges Bank, has made a significant move into the renewable energy sector with its latest investment. The firm has agreed to acquire a 49 percent interest in two major wind farm projects, Thor and Nordseecluster, from RWE. The agreement was signed on March 26, 2025, and completion is expected by the third quarter of the same year. The purchase price for the 49% ownership stake is approximately 1,400 million euros, valuing the entire project portfolio at around 2,870 million euros. NBIM’s total commitment, including construction funding, is expected to reach 4,000 million euros, with no external debt financing involved. RWE will maintain a 51 percent stake and will continue to operate the wind farms. Both wind farms are under construction with an expected operational start between 2027 and 2029. Together, they promise a combined capacity of 2,640 MW, with Thor providing enough electricity for over 1 million Danish homes and Nordseecluster powering about 1.6 million German homes. This investment aligns with NBIM's strategy of focusing on stable long-term revenues by leveraging the new projects' contracted earnings.