Norges Bank Investment Management (NBIM), responsible for the investments of Norway's Government Pension Fund Global, has acquired a 49 per cent interest in two offshore wind construction projects in Denmark and Germany.

The agreement was signed on 26 March 2025, and completion is expected at the beginning of quarter three of 2025. 

NBIM will pay approximately €1,400m for its 49 per cent ownership interest, valuing the projects at approximately €2,870m.

In total, NBIM’s expected commitment to acquire and fund its share of constructing the wind farms will be approximately €4,000m. No external debt financing will be involved in the transaction.

The sellers of the projects are RWE, which will remain a 51 per cent owner and operator of the wind farms.

The projects will have long-term contracted revenues that provide stable cash flows and reduce risk.

The wind farms, named Thor and Nordseecluster, are currently under construction and are expected to reach commercial operations 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 million Danish homes annually.

Meanwhile, Nordseecluster will use 104 15 MW wind turbines with a combined total capacity of 1,560 MW, powering the equivalent of more than 1.6 million German homes annually.

This is NBIM’s third acquisition this month after two investments in the real estate sector earlier this month, one a mixed-use property portfolio in London and the other, student housing and co-living properties in France and Spain.

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