Norges Bank Investment Management (“NBIM”) and RWE have signed an agreement for NBIM’s acquisition of 49% ownership of the Thor project. The agreement was signed on 26 March 2025, with completion/closing expected by the beginning of the third quarter of 2025.
The Thor project is currently under construction and will be Denmark’s largest offshore wind farm consisting of 72 turbines with a total capacity of 1.1GW. Once fully operational in 2027, the Thor project will produce green electricity to more than 1 million Danish households.
The Thor project will be constructed 22 kilometers off the coast of Thorsminde on the west coast of Jutland, Denmark.
As part of the transaction, NBIM also acquired 49% of RWE’s 1.6GW Nordseecluster project and will pay approximately EUR 1,400m for the two 49% ownership interests.
NBIM manages the Norwegian Government Pension Fund Global and manages assets worth about USD 1,800bn. The fund is invested in international equity and fixed-income markets and in real estate and renewable energy infrastructure.
RWE is a leading supplier of renewables worldwide with wind farms, solar power and battery storage facilities in many countries.
Accura advised NBIM as local counsel in connection with the transaction in close collaboration with A&O Shearman.
Accura’s global-leading Renewable Energy Team consists of more than 100 experts, providing advice exclusively on renewable energy.
Photo: RWE.com