RWE and KKR have reached financial close on Vanguard West and Vanguard East, two offshore wind projects off the Norfolk coast. KKR has acquired a 50% equity stake in each project, formalising the joint venture with RWE.
What financial close means
The partners put total investment at around £12 billion. That covers the wind farms and their associated transmission infrastructure. Financing combines shareholder equity with project finance from a consortium of lenders. The UK government says the National Wealth Fund is providing £1 billion within that financing.
The next phase
RWE expects offshore construction to begin in early 2027 and both projects to be fully commissioned in 2030. The wind farms have a combined planned capacity of about 2.8 GW. RWE estimates they could supply electricity equivalent to the annual needs of around three million UK homes once operational.