New investment in renewable energy infrastructure

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

Norges Bank Investment Management will pay approximately 1,400 million euros for its 49 percent ownership interest. This values the projects at approximately 2,870 million euros. In total, Norges Bank Investment Management’s expected commitment to acquire and fund its share of constructing the wind farms will be approximately 4,000 million euros. No external debt financing will be involved in the transaction.

The seller of the 49 percent interest is RWE. RWE will remain as a 51 percent 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 are expected to reach commercial operations date in 2027 and 2027/29. The total capacity of the two wind farms is 2,640 MW. Thor will use 72 15 MW wind turbines with a combined total capacity of 1,080 MW, powering the equivalent of more than 1 000 000 Danish homes annually. Nordseecluster will use 104 15 MW wind turbines with a combined total capacity of 1,560 MW, powering the equivalent of 1 600 000 German homes annually.

[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.