Norway’s sovereign wealth fund (Statens pensjonsfond utland, also known as the Oil Fund or Oljefondet) has announced a major green investment move, acquiring a 49% stake in two large-scale offshore wind projects currently under construction in Denmark and Germany. The deal, worth NOK 16 billion (approx. €1.37 billion), marks one of the fund’s most substantial forays into renewable infrastructure to date.
The assets acquired include shares in the Thor project, located off the west coast of Denmark, and the Nordseecluster, an ambitious wind farm development in the German North Sea. Both projects are being developed and operated by German energy giant RWE, which retains a controlling 51% ownership stake and will continue to serve as project operator.
Total investment could reach NOK 45 billion
According to figures released by the Oil Fund, the combined valuation of the Thor and Nordseecluster projects stands at approximately NOK 33 billion (around €2.83 billion). However, including the Fund’s share of future construction costs, the total outlay for the Norwegian state could reach NOK 45 billion (about €3.86 billion).
This marks a significant commitment by the Oil Fund to bolster its presence in renewable energy, aligning with Norway’s long-term sustainability objectives and the fund’s updated investment strategy focused on the green transition.
Thor and Nordseecluster: pillars of Europe’s wind power future
The Thor project is set to become Denmark’s largest offshore wind farm, located in the North Sea and expected to deliver 1 GW of capacity. In Germany, the Nordseecluster comprises four wind farm zones and could eventually supply up to 1.6 GW of power—enough to provide clean energy for millions of households.
Both projects are slated for completion by the end of this decade, forming a cornerstone in the EU’s strategy to expand offshore wind generation and reduce dependence on fossil fuels.
Oil Fund’s renewable push gains momentum
With assets exceeding NOK 17 trillion (€1.46 trillion), the Norwegian Oil Fund is one of the world’s largest investors and has steadily increased its green energy portfolio in recent years. This latest move deepens its involvement in Europe’s offshore wind boom, which is projected to grow fivefold by 2030 under EU climate targets.
“This investment supports our long-term objective of sustainable returns and contributes to the transition towards a low-emission society,” the fund stated on its official website.
