Norway’s Oil Fund Buys Stake in Major Offshore Wind Farms

Norges Bank Investment Management (NBIM), which manages the world’s largest sovereign wealth fund—commonly known as the Oil Fund—has acquired a 49% ownership stake in two major offshore wind projects from German energy firm RWE. 

The investment covers RWE’s Nordseecluster and Thor offshore wind farms, both of which are currently under development. The total purchase price for the stakes is around €1.4 billion (approximately $1.5 billion). 

Despite the sale, RWE will continue overseeing the construction and long-term operation of both projects. The transaction is expected to close in early Q3 2025. 

Located roughly 50 kilometers north of Germany’s Juist island, the Nordseecluster project will be developed in two stages. The first phase, Nordseecluster A, will deliver 660MW of capacity and is scheduled for completion in 2027. The second phase, Nordseecluster B, will add another 900MW and is set to come online in 2029. Combined, the wind farm will produce enough clean energy to power about 1.6 million German homes. 

The Thor project, meanwhile, is poised to become Denmark’s largest offshore wind farm. Positioned about 22 kilometers off Jutland’s western coast, the wind farm will have a total capacity of 1,080MW and is expected to be fully operational by 2027—supplying electricity to over 1 million Danish households. 

Both developments will benefit from long-term revenue agreements that ensure steady cash flows and minimize investment risks. 

RWE already operates 19 offshore wind farms and continues to expand its renewable portfolio. In addition to Nordseecluster and Thor, the utility is also constructing the Sofia offshore wind farm near England and OranjeWind off the coast of the Netherlands.