Norway's wealth funds said Monday that it had acquired from RWE a 49% share in two offshore wind farm projects in construction in Denmark, Germany and Denmark for 1.4 billion euro ($1.52 billion), marking its first deal with the German firm.

It added that the fund's expected total commitment to acquire and finance its share of wind farms construction will be around 4 billion euros.

The fund announced that the investments covered the Thor offshore windfarm in Denmark which will have a installed capacity of 1,080 Megawatts (MW) and the Nordseecluster in Germany, with a 1,560 MW capacity.

The Norwegian Parliament has allowed the fund to invest in renewable energy projects that are not listed, provided they are on developed markets, starting in 2020.

This latest investment marks the fund's very first investment in RWE assets.

The company has already signed deals with Spain

Iberdrola

EnBW, Allianz und Orsted from Germany and Denmark as well as the infrastructure fund Copenhagen Infrastructure Partners.

(source: Reuters)