Renewable-energy company RWE and global investment firm KKR are teaming up to jointly deliver the Vanguard West and Vanguard East offshore wind projects in the British North Sea.
Vanguard West and Vanguard East will be located off the Norfolk coast in East Anglia. With a combined generation capacity of 2.8 gigawatts, the projects represent one of the United Kingdom’s largest offshore wind developments. After they become operational, they will have the capacity to supply the equivalent of around 3 million U.K. homes.
The partners confirmed financial close has been reached for both projects, representing a total investment of around £12 billion ($16 billion) — the largest-ever project financing in the U.K. offshore wind sector. The close was backed by equity commitments from both RWE and KKR alongside nonrecourse project financing secured from a consortium of international lenders. The
National Wealth Fund also contributed £1 billion ($1.1 billion) of financi
