Fund manager Norwegian Norges Bank Investment Management has acquired a 49% stake in two North Sea wind farms in a €1.4 billion (US $1.5 billion) deal with RWE. (Source: Shutterstock)
Fund manager Norwegian Norges Bank Investment Management has acquired a 49% stake in two North Sea wind farms in a €1.4 billion (US $1.5 billion) deal with RWE, the energy company said March 31.
The transaction, expected to close in third-quarter 2025 pending customary approvals, includes the Nordseecluster wind farm in the German North Sea and the Thor wind farm in the Danish North Sea. Both projects are under construction.
The fund’s expected commitment for acquiring and funding its share of constructing the wind farms will be about €4 billion (US$4.3 billion), Norges Bank Investment Management said in a news release. No external debt financing will be involved in the transaction, it added.
In a separate news release, RWE said it will remain in charge of construction and operations throughout the lifecycle of the offshore wind farms. Combined, the two wind farms are expected to generate enough electricity to power more than 2.6 million households in Germany and Denmark, according to RWE.
“The projects will have long-term contracted revenues that provide stable cash flows and reduce risk to the projects,” RWE said.
Nordseecluster is being built in two phases: the 660-megawatt (MW) Nordseecluster A, with full commissioning planned for 2027, and the 900-MW Nordseecluster B with full commissioning scheduled for 2029.
Thor, the largest offshore wind farm to date offshore Denmark, is expected to reach full commissioning in 2027. The wind farm will have a total capacity of about 1.1 GW.
Recommended Reading
SM Energy Hits 1,193 Boe/d Oily 30-Day IP with New Uinta Cube Wells
2025-05-14 - SM Energy CEO Herb Vogel says price downturns are catalysts for innovation and long-term strength. Still, SM is focusing on high-quality assets in the Permian, South Texas and Utah.
Analysts: Will E&Ps Redraw Plans as WTI Dips Below $60/bbl?
2025-04-08 - As WTI hovers near $60/bbl, U.S. E&Ps could be pushed to drop rigs and cut drilling in exploratory resource plays, analysts say.
Occidental Pushes Midland Exploration into Strawn, Wichita-Albany
2025-05-19 - Occidental Petroleum is venturing beyond the Wolfcamp and Spraberry to explore deeper potential in the Permian Basin’s Strawn, Atoka, Wichita-Albany and Barnett formations.
In Inventory-Scarce Permian, Could Vitol’s VTX Fetch $3B?
2025-03-28 - With recent Permian bids eclipsing $6 million per location, Vitol could be exploring a $3 billion sale of its shale business VTX Energy Partners, analysts say.
Exxon Sits on Undeveloped Haynesville Assets as Peers Jockey for Inventory
2025-04-09 - Exxon Mobil still quietly holds hundreds of locations in the Haynesville Shale, where buyer interest is strong and inventory is scarce.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.