Norway, Germany sign binding deal to supply 6GW offshore wind, hydrogen by 2030

Norway and Germany on Thursday cemented a landmark partnership to accelerate the green energy transition, signing a bilateral agreement that commits Oslo to supply Berlin with renewable hydrogen and offshore wind power by 2030. The deal, announced jointly by Norwegian Prime Minister Jonas Gahr Støre and German Chancellor Olaf Scholz in Oslo, marks the first time the two governments have codified cross-border energy trade under legally binding terms. Under the accord, Norway will expand its existing hydrogen export terminals in Mongstad and Herøya and fast-track six gigawatts of offshore wind capacity in the North Sea, enough to cover roughly 15% of Germany’s projected 2030 hydrogen demand. “This is not just an energy deal—it is a security pact for Europe’s decarbonisation,” Støre told reporters after the signing ceremony.

The agreement follows months of closed-door negotiations and comes as both capitals seek to reduce reliance on Russian fossil fuels while meeting EU 2030 climate targets. Germany’s economy ministry confirmed it will underwrite €8 billion in loan guarantees to de-risk Norwegian hydrogen infrastructure, while Oslo will provide tax incentives for wind developers. Industry analysts estimate the pact could unlock up to €22 billion in private investment across the value chain by 2029. “We are turning the North Sea into Europe’s largest green power plant,” Scholz said in a joint press conference streamed from the Norwegian government’s press centre.

The partnership arrives as Norway’s sovereign wealth fund, the world’s largest with $1.6 trillion in assets, published a new Europe strategy that identifies renewable energy exports as a “core pillar” of future growth. According to the fund’s quarterly report released today, Nordic wind and hydrogen projects now account for 12% of its European equity holdings, up from 4% in 2024. Separately, Copenhagen Infrastructure Partners announced it had reached financial close on the 450-megawatt Pestera II onshore wind farm in Romania, securing €380 million in debt financing from the European Investment Bank and a syndicate of Nordic lenders. The project, expected to power 300,000 homes upon completion in 2028, underscores the broader trend of Norwegian capital flowing into continental renewables.

Analysts at DNB Markets called the Norway-Germany hydrogen pact “a game-changer” for European energy security, noting that it aligns with Berlin’s accelerated phase-out of coal and Oslo’s ambition to become a net exporter of clean power. “The numbers are real, the timelines are tight, and the geopolitical signal is unmistakable,” said DNB’s head of energy research, Ingrid Sølvberg. With both countries facing elections next year, the deal also serves as a rare bipartisan success story in an otherwise fractious political landscape.