RWE has signed an agreement with Norges Bank Investment Management to partner the Nordseecluster and Thor offshore wind projects currently under construction. NBIM will acquire a 49% stake in both projects, but RWE will continue to lead construction and operations throughout the lifecycle of these offshore wind farms. The agreed purchase price is approximately €1.4 billion as of closing, which is subject to customary approvals and expected by Q3 2025.
The Nordseecluster, located 50 km north of the island of Juist, is being built in two phases: for the first phase, the 660 MW Nordseecluster A, full commissioning is planned for 2027. For the second phase, the 900 MW Nordseecluster B, full commissioning is scheduled for 2029.
The 1080 MW Thor wind farm is Denmark’s largest offshore wind farm to date and is located 22 km off the west coast of Jutland. Full commissioning is planned for 2027.
The two projects have already secured long-term contracted revenues that provide stable cash flows and reduce risk to the projects.
RWE currently 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. RWER reports that construction is progressing according to plan.
For more information visit https://thor.rwe.com/ and https://www.rwe.com/en/the-group/countries-and-locations/nordseecluster-offshore-wind-farm/
