Norway's wealth fund said on Monday it has acquired a 49% stake in two offshore wind farms under construction in Denmark and Germany from RWE for 1.4 billion euros ($1.52 billion), its first such deal with the German energy firm.
The fund's total expected commitment for acquiring and funding its share constructing the wind farms will be approximately 4 billion euros, it added.
The investments cover the Thor offshore wind farm in Denmark, which will have an installed capacity of 1,080 megawatts (MW), and the Nordseecluster project in Germany with a capacity of 1,560 MW, the fund said.
Since 2020, the fund is allowed by the Norwegian parliament to invest in unlisted renewable projects, as long as they are in developed markets.
The latest deal marks the fund's first investment into RWE assets.
It has previously struck deals with Spain's Iberdrola, Germany's EnBW and Allianz and Denmark's Orsted as well as infrastructure fund Copenhagen Infrastructure Partners.
(Reuters, March 31, 2025)
