RWE and KKR Secure Financing for 2.8 GW UK Offshore Wind
RWE and KKR have secured financing for the Vanguard West and Vanguard East offshore wind projects in the North Sea, establishing a 50:50 joint venture to deliver 2.8 gigawatts (GW) of capacity off the Norfolk coast. The projects represent an investment of approximately US$15.8 billion (£12 billion) and are expected to power three million UK homes.
KKR has acquired a 50% stake in each project, with RWE leading development and construction. Financing includes US$14.7 billion (£11.1 billion) in cash facilities and US$2.2 billion (£1.7 billion) in ancillary facilities from 35 international banks, marking the largest project financing for UK offshore wind. The UK's National Wealth Fund committed US$1.32 billion (£1 billion).
The projects will add significant generation capacity to the UK grid, where transmission capacity constraints remain an important infrastructure challenge. Their development also highlights the evolving relationship between generation and network planning, a topic explored in the next evolution of the electricity grid.
Onshore cable and substation works are well advanced. Offshore construction is scheduled to begin in early 2027, with both projects targeting commissioning in 2030.
Source: RWE
