RWE has announced an ambitious farm-down plan for its new North Sea projects, aiming to sell over 4 GW by 2026. Norwegian NBIM has now acquired stakes in two new projects, more than doubling their ownership of offshore wind capacity.
Norges Bank Investment Management (NBIM) has agreed to acquire a 49% stake in two offshore wind projects under construction in Denmark and Germany, named Thor and Nordseecluster. The agreement, signed on March 26, 2025, anticipates completion by early Q3 2025. NBIM will invest approximately €1.4 billion for its share, valuing the projects at around €2.87 billion.
Including construction funding, NBIM’s total commitment is expected to be about €4 billion, with no external debt financing involved. RWE will retain a 51% ownership and continue as the operator. The projects have long-term contracted revenues to ensure stable cash flows and risk mitigation through Power Purchase Agreements (PPAs).
Thor, with a capacity of 1,080 MW, is slated to power over 1 million Danish homes annually, while Nordseecluster, at 1,560 MW, aims to supply electricity to 1.6 million German homes. Both projects are expected to be operational between 2027 and 2029, with foundation installation beginning in Q2 2025.
In addition to Thor and the Nordseecluster projects, RWE plans to sell a 50% stake in the 4.1 GW Norfolk projects and 49% in the 1.4 GW Sofia project, both by 2026. A number of other developers are also looking to sell capacity in large projects to reduce development risk and financial burden, including stakes in Ørsted’s Hornsea 3 and 4 projects.
Image Credit: Charlie Chesvick
