European Investment Bank Cofinance RWE’s 1.1 GW Thor Offshore Wind Farm with €1.2 Billion Green Loan
June 25, 2024 –The European Investment Bank (EIB) is providing a €1.2 billion loan to support the construction of RWE’s 1.1-Gigawatt offshore wind farm, Thor, in the Danish North Sea. This project will generate enough green electricity to power over a million Danish households.
The Thor wind farm will consist of 72 wind turbines with 15 MW capacity each, making it the largest in Denmark. RWE, a leading developer of offshore wind globally, aims to achieve net-zero carbon emissions by 2040. The company is investing heavily in renewables, with a commitment to achieve net-zero carbon emissions by 2040.
The EIB loan will co-finance the project’s infrastructure, including turbines, cables, and an offshore converter station. This investment aligns with the EIB’s commitment to supporting climate action and the energy transition. The bank has pledged to deliver €1 trillion in climate and environmental sustainability investment in the decade to 2030.
The North Sea coastal states, the EU Commission, and Luxembourg have agreed to accelerate the construction of wind farms through the North Sea Energy Cooperation program, aiming to install 120 Gigawatts of offshore wind capacity by 2030 and 300 Gigawatts by 2050.
“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.
“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,” said RWE CFO Michael Müller.
