Wind Power Financing

RWE and KKR announced £12 billion in funding to build the Vanguard West and Vanguard East offshore wind farms off the Norfolk coast of England, with £1 billion coming from the state-owned National Wealth Fund. The projects are expected to generate about 2.8 gigawatts, enough to supply three million homes.

Offshore construction is scheduled to begin in early 2027, and the wind farms are expected to be fully commissioned in 2030. The projects sit 50 to 80 kilometers off the coast, and the UK government said the investment would support more than 2,400 jobs across construction and operation. Preparatory onshore cable and substation work is already well advanced.

The deal shows how blended public and private capital can move large offshore wind projects from planning to offshore construction.