Norway’s Oil Fund Pays NOK 16 Billion for Stake in Offshore Wind

Norway’s Government Pension Fund Global is making one of its largest investments in renewable infrastructure to date. Through its manager, Norges Bank Investment Management (NBIM), the fund is acquiring a 49 percent stake in two major offshore wind projects currently under construction in Denmark and Germany.

The purchase price is 1.4 billion euros—approximately NOK 16 billion. Including its share of future construction costs, the fund’s total financial commitment is estimated at around 4 billion euros, or NOK 45 billion.

The German energy company RWE is selling the minority stakes but retains 51 percent ownership and will continue as operator of the projects.

The two wind farms, “Thor” and “Nordseecluster,” are scheduled to be operational between 2027 and 2029. Together, they will have a combined capacity of 2,640 MW—enough to supply electricity to approximately 2.6 million households annually.

NBIM emphasizes that the investments are backed by long-term power purchase agreements, which help ensure stable revenues and reduce risk.

See the North Sea Wind Conference programme 2025