EIB Backs RWE with €1.2 Billion Loan for Denmark's Offshore Wind Farm

The Thor wind farm, situated in the Danish part of the North Sea, will be Denmark's largest, comprising 72 wind turbines each with a 15 MW capacity.

The European Investment Bank (EIB) is providing a €1.2 billion loan to support the construction of a new 1.1-gigawatt wind farm in the North Sea, developed by German company RWE. The Thor wind farm, situated in the Danish part of the North Sea, will be Denmark's largest, comprising 72 wind turbines each with a 15 MW capacity. This project will generate enough green electricity to supply over one million Danish households, equivalent to one in three households in Denmark.

RWE, the second largest offshore wind developer globally, is significantly contributing to the energy transition and economic decarbonization. The company plans to invest €55 billion in renewables, batteries, flexible generation, and hydrogen projects worldwide from 2024 to 2030, having already made net investments of €20 billion between 2021 and 2023. RWE aims to achieve net zero carbon emissions by 2040.

The EIB loan will co-finance various components of the project, including monopile foundations, turbines, inter-array cabling, an offshore converter station, export cables, a section of onshore cables, and an onshore substation. Siemens Gamesa will provide the turbines, while the connection to the Danish national grid will be built by Danish transmission system operator Energinet.

Located approximately 22 kilometers from Thorsminde on the west coast of Jutland in the municipality of Holstebro, the main offshore installation works are scheduled for 2025 and 2026, with full operational status expected by the end of 2027.

This initiative is part of a broader effort by North-Sea coastal states, the EU-Commission, and Luxemburg under the North Sea Energy Cooperation. The program aims to accelerate the deployment of offshore renewable energy, with a goal to install wind turbines with a 120-gigawatt output in the North Sea by 2030, and at least 300 gigawatts by 2050. Participating countries include Denmark, Germany, Belgium, the Netherlands, France, Ireland, Norway, and Great Britain.

EIB Vice-President Nicola Beer, overseeing projects in Germany, remarked, “The EIB was one of the very first investors in wind power technology and offshore wind farms. We will continue to support the development and the rollout of this technology. A large offshore wind farm that can provide power to more than a million households supports the transition to a net zero economy in Europe, fostering one of the big priorities of the European Union for a better and resilient future of citizens.”

Michael Müller, CFO of RWE, added, “At RWE, we are fully committed to working towards a net-zero energy system. This loan at attractive terms helps to further diversify our funding sources. With our Growing Green investment programme, we are investing heavily in renewables. And we are also focusing on circularity. That is why we are installing recyclable rotor blades at Thor and are the first developer in the world to pilot new CO2-reduced steel towers that significantly reduce the carbon footprint of wind turbines.”