RWE and KKR have reached financial close on the Vanguard West and Vanguard East offshore wind farms in the British North Sea. The UK government puts the combined investment at approximately £12 billion and expects the projects to support more than 2,400 jobs during construction and operation. Once operational, the wind farms could generate electricity equivalent to the consumption of around three million UK homes.

The companies have also completed the transaction announced in January 2026. KKR has acquired a 50% stake in each project, establishing an equally owned joint venture with RWE, which will lead project delivery.

Financing backed by 35 international banks

The financing package comprises £11.1 billion in cash facilities and £1.7 billion in ancillary facilities, provided by a consortium of 35 international banks. RWE describes it as the largest non-recourse project financing secured for UK offshore wind to date.

The package includes a £1 billion commitment from the National Wealth Fund, alongside credit cover from Euler Hermes and EIFO. Both projects hold inflation-indexed, 20-year Contracts for Difference awarded at a strike price of £91.20/MWh in 2024 prices.

Government and RWE highlight energy security and investment

UK Prime Minister Andy Burnham welcomed the investment as a sign of confidence in Britain’s renewable energy sector. He highlighted its potential to strengthen domestic electricity generation, support jobs in coastal communities and bring public and private capital together through the National Wealth Fund.

For her part, UK Energy Secretary Miatta Fahnbulleh emphasised the contribution of offshore wind investment to job creation and industrial development. She also linked the projects to the UK’s efforts to lower electricity bills and meet its net-zero objectives as world leaders gather at COP31.

Meanwhile, Markus Krebber, CEO of RWE AG, said the partnership with KKR provides a foundation for delivering both wind farms. He added that securing the financing demonstrated lenders’ confidence in the projects and their delivery, with preparatory works well advanced ahead of offshore construction in early 2027.

The announcement also marks the completion of the joint venture transaction agreed in January 2026. KKR has acquired a 50% stake in each project, with both partners committing equity to their development. RWE will lead project delivery on behalf of the joint venture, which will develop, construct and operate both wind farms.

Offshore construction scheduled for 2027

Each wind farm will have 1.4 GW of installed capacity and will be located between 50 and 80 kilometres off the Norfolk coast. Onshore cable installation and substation construction are already well advanced.

Offshore construction is scheduled to begin in early 2027, with both projects expected to be fully commissioned in 2030.