RWE and global investment firm KKR have reached financial close on two major offshore wind developments off the Norfolk coast, supporting approximately £12 billion of investment in new UK renewable energy infrastructure.
The Vanguard West and Vanguard East projects will have a combined generating capacity of 2.8GW when fully operational, making them among the UK’s largest offshore wind developments.
The announcement, made on 11 November 2026, confirms the completion of the companies’ joint venture transaction and the financing arrangements needed to progress construction.
KKR has acquired a 50% equity stake in each development, establishing an equal partnership with RWE, which will lead project delivery.
Major financing milestone
The partners have secured what RWE describes as the largest non-recourse project financing package for UK offshore wind to date.
The arrangements comprise £11.1 billion in cash facilities and £1.7 billion in ancillary facilities, provided by a consortium of 35 international banks.
The financing includes a £1 billion commitment from the UK’s National Wealth Fund, alongside credit support from Germany’s Euler Hermes and Denmark’s EIFO.
The total project investment of approximately £12 billion covers the wind farms and associated transmission infrastructure.
Markus Krebber, CEO of RWE AG, said “Our strategic partnership with KKR provides a strong foundation for the joint delivery of Vanguard West and Vanguard East, and is a vote of confidence in the UK as an attractive place to invest.”
The joint venture was originally announced in January 2026, making the completion of the equity transaction and project financing the latest milestones.
Construction to progress in 2027
Vanguard West and Vanguard East will be located approximately 50 to 80 kilometres off the Norfolk coast.
Each wind farm will have an installed capacity of 1.4GW, with the two projects expected to generate enough electricity to meet the equivalent annual needs of around three million UK homes once operational, according to RWE.
Preparatory works are already underway, including onshore cable installation and substation construction.
Offshore construction is scheduled to begin in early 2027, with the first foundation installation at Vanguard West planned for the first half of the year. Work at Vanguard East will follow, with both developments expected to be fully commissioned in 2030.
The projects also secured 20-year Contracts for Difference during the UK’s seventh allocation round in January 2026, providing a framework for their future electricity revenues.
Together, the financing arrangements and construction programme represent a substantial commitment to expanding the UK’s offshore wind capacity.
The projects remain under development, with their anticipated electricity generation and contribution to the UK’s energy system dependent on successful construction and commissioning.
