- The Thor wind farm in the Danish part of the North Sea with a capacity of 1.1 Gigawatt will provide enough green electricity to supply the equivalent of more than a million Danish households.
- The loan of the European Investment Bank supports RWE’s decarbonization strategy.
The European Investment Bank (EIB) supports the construction of a new 1.1-Gigawatt wind farm in the North Sea by German company RWE with a loan of €1.2 billion. The Thor wind farm in the Danish part of the North Sea will be the largest in Denmark, consisting of 72 wind turbines with 15 MW capacity each. The wind farm will be capable of producing enough green electricity to supply the equivalent of more than a million Danish households, or one in three Danish households.
RWE is the second biggest developer of offshore wind globally and an experienced operator of such projects. The company is making a significant contribution to the success of the energy transition and the decarbonization of the economy by investing €55 billion in renewables, batteries, flexible generation, and hydrogen projects worldwide from 2024 until 2030. RWE has already made net investments of €20 billion between 2021 and 2023. The company has committed to achieve net zero carbon emissions by 2040.
The EIB loan will co-finance monopile foundations, turbines, inter-array cabling, an offshore converter station, export cables, a section of onshore cables and an onshore substation. The turbines are provided by Siemens Gamesa. The connection to the Danish national grid is built by the Danish transmission system operator Energinet.
The project is located on the west coast of Jutland, approximately 22 kilometres from Thorsminde in the municipality of Holstebro. Main offshore installation works are scheduled for 2025 and 2026. It is planned that the wind farm is fully operational no later than the end of 2027.
The North-Sea coastal states, the EU-Commission, and Luxemburg want to accelerate the construction of windfarms and have agreed on the North Sea Energy Cooperation, a giant wind-energy-program to facilitate the cost-effective deployment of offshore renewable energy. The governments of Denmark, Germany, Belgium, the Netherlands, France, Ireland, Norway, together with Great Britain want to ensure that wind turbines with an output of 120 gigawatts are installed in the North Sea by 2030. By 2050, offshore wind farms should even have at least 300 gigawatts delivery capacity.
“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 roll out of this technology,” said EIB-Vice-President Nicola Beer, who is responsible for the oversight of projects in Germany. “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 European Union for a better and resilient future of citizens.”
Michael Müller, CFO of RWE said: “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.”
Background information
EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.
All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil-fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
Approximately half of the EIB's financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.
RWE
RWE is leading the way to a green energy world. With its investment and growth strategy Growing Green, RWE is contributing significantly to the success of the energy transition and the decarbonisation of the energy system. Around 20,000 employees work for the company in almost 30 countries worldwide. RWE is already one of the leading companies in the field of renewable energy. Between 2024 and 2030, RWE will invest 55 billion euros worldwide in offshore and onshore wind, solar energy, batteries, flexible generation, and hydrogen projects. By the end of the decade, the company’s green portfolio will grow to more than 65 gigawatts of generation capacity, which will be perfectly complemented by global energy trading. RWE is decarbonising its business in line with the 1.5-degree reduction pathway and will phase out coal by 2030. RWE will be net-zero by 2040. Fully in line with the company’s purpose - Our energy for a sustainable life.