Asset AllocationApril 1, 2025

NBIM Acquires Stakes in Offshore Wind Farms

The Norwegian sovereign fund will take a $1.5 billion stake in projects in Germany and Denmark.

Reported by Matt Toledo

Norges Bank Investment Management, the manager of Norway’s $1.75 trillion sovereign wealth fund, announced Monday that it has entered into an agreement to acquire a 49% stake in two European offshore wind projects from German energy company RWE A.G.

NBIM’s ownership interest in the two wind projects, named Thor and Nordseecluster, is worth 1.4 billion euros ($1.51 billion). The projects are located in Denmark and Germany, respectively.

NBIM expects the cost to acquire and fund the construction of the two wind farms to be approximately 4 billion euros. The projects are expected to be completed between 2027 and 2029. The agreement is expected to be completed by the beginning of the third quarter of 2025.

The fund allocates 0.1%—about $2.4 billion—to a renewable energy infrastructure portfolio, which includes a handful of direct investments in wind and solar projects across Europe. The fund allocates 71.4% of its assets to equities, 26.6% to fixed income and 1.8% to real estate.

The unlisted renewable infrastructure portfolio, created in 2021, lost 9.81% in 2024, which the fund attributed to a higher cost of capital. The portfolio posted returns of 4.15%, 5.12% and 3.68% in 2021, 2022 and 2023, respectively.

The fund, which invests Norway’s oil revenue, returned 13.09% in 2024.