Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has moved forward in renewable investments, securing a 49% stake in two major offshore wind projects from German energy company RWE. The €1.4 billion agreement reflects a strategic step in expanding the fund’s exposure to sustainable infrastructure while distributing capital risks with established industry players. The wind farms, located in Denmark and Germany, are expected to power over 2.6 million households once operational.
NBIM has participated in clean energy ventures before, including stakes in solar and wind assets in Europe and North America. However, this is among its largest offshore wind investments to date, signaling an increased focus on large-scale green infrastructure. RWE’s previous offshore wind projects, like Triton Knoll and Kaskasi, were also partially sold to partners to optimize capital allocation and reduce financial risk during development stages.
Which Projects Are Involved in the Investment?
What Responsibilities Will Each Partner Hold?
The transaction involves two wind farms: Nordseecluster in the German North Sea and Thor in the Danish North Sea. Nordseecluster is a 1.6 gigawatt (GW) facility being developed in two stages. Construction is planned to begin at sea in 2025, with the first phase expected to be commissioned in 2027 and the second in 2029. Thor, at 1.1 GW, is currently Denmark’s largest offshore wind project and is also set for full commissioning in 2027.
Under the terms of the agreement, RWE will continue to own 51% of both projects and maintain full responsibility for development, construction, and operations. The German utility has emphasized that this structure enables it to manage capital more efficiently while collaborating with institutional investors like NBIM. RWE reiterated that forming such partnerships is a deliberate approach to managing its offshore wind strategy.
“By selling down and entering partnerships for our projects, we reduce our capital employed for projects under construction and our partner gets stakes in highly attractive projects,”
said RWE CEO Markus Krebber.
NBIM stated that its expected investment in the construction phase of the two projects will amount to approximately €4 billion. This figure considers future capital injections as the development phases advance. The wind farms are designed to significantly contribute to Germany’s and Denmark’s renewable energy goals, supporting energy security and carbon reduction targets.
The partnership structure aligns with RWE’s broader strategy of partial divestments in infrastructure projects under construction while retaining control and operational responsibility. For NBIM, acquiring minority interests in stable, income-generating assets is part of its long-term investment philosophy. This acquisition also marks one of the largest single investments by the oil fund in the renewable sector in recent years.
Investments in renewable energy by institutional funds have grown as clean energy transitions gain political and economic support across Europe. Germany’s energy transition (Energiewende) and Denmark’s offshore wind leadership make these locations strategic choices for NBIM. The projects’ scale and phased development offer long-term returns and diversification in NBIM’s infrastructure portfolio, helping mitigate risks related to fossil fuel volatility and regulatory uncertainty.
NBIM’s stake in the Nordseecluster and Thor wind farms demonstrates a collaborative funding approach to capital-intensive infrastructure projects. As energy systems shift toward renewables, major institutional investors are increasingly influencing the pace and scale of deployment. For readers evaluating similar partnerships, this example highlights how asset managers and utilities can align their interests to finance large-scale green assets. The deal also reflects a growing trend where operational control remains with energy firms while funding is partially provided by financial institutions seeking stable returns in ESG-compliant projects.
