Global law firm Freshfields has advised RWE on its agreement with Norges Bank Investment Management (NBIM) regarding the sale of a 49% stake in the 1.6-gigawatt Nordseecluster and 1.1-gigawatt Thor offshore wind projects located in Germany (Nordseecluster) and Denmark (Thor). The agreed purchase price is approximately €1.4 bn, valuing the project at around €2.87 bn. Closing of the transaction is subject to customary approvals and expected by beginning of the third quarter of 2025.

RWE will retain a 51% stake and remain responsible for construction and operations of both projects. The Nordseecluster project is being developed in two phases and is scheduled to be fully operational by 2029, while the Thor project is expected to reach full commissioning in 2027. Together, the wind farms will generate enough green electricity to supply more than 2.6 million households in Germany and Denmark.

Freshfields has advised RWE on all legal aspects of this strategically important transaction. NBIM’s investment in two of Europe’s largest offshore wind developments highlights Freshfields’ strength in advising on complex, cross-border energy and infrastructure deals.

The Freshfields team consisted of:

Lead: Mirko Masek (Corporate/M&A, Hamburg)

Partners: Andreas Ruthemeyer (Finance, Frankfurt), Ralph Kogge (Munich), Gregor von Bonin (both Corporate/M&A), Georg Roderburg (Tax), Ulrich Scholz (Regulatory, all Düsseldorf)

Principal Associates: Marlin Jürgens (Finance, Frankfurt), Lukas Pirnay (Corporate/M&A, Hamburg), Philipp Reinecke (Regulatory, Berlin), Hendrik Wessling (Regulatory), Sören Lehmann (Tax, both Düsseldorf)

Associates: Charlotte Schings, Julius Raddatz, Philipp Schneider (all Corporate/M&A, all Munich), Denise Leinders (Regulatory), Torben Gerhards (Tax, both Düsseldorf), Katharina Trompler, Iryna Karpliuk (Finance, both Frankfurt), Karl Kuhn (Finance), Marie von Armansperg (Regulatory, both Berlin)

Senior Transaction Lawyers: Besdegül Ünsal, Pipitsa Kousoula (both Frankfurt)

Transaction Lawyers: Naomi De Leon Muratalla, Esteban Hagedorn (both Frankfurt), Thibault Desdions (Berlin)