RWE and KKR have completed financing for two offshore wind farms off England’s Norfolk coast, clearing a major funding step for projects the companies value at about £12 billion.
The Vanguard West and Vanguard East projects are planned to begin offshore construction in early 2027 and reach full commissioning in 2030. KKR has completed its purchase of a 50% stake in each project, creating an equal partnership with RWE, which will lead delivery.
RWE said 35 international banks provided £11.1 billion in cash facilities and £1.7 billion in ancillary facilities. The package also includes a £1 billion commitment from the UK’s National Wealth Fund.
In January 2026’s auction, each project received a 20-year, inflation-indexed Contract for Difference, RWE said. The UK government’s results list a strike price of £91.20 per megawatt-hour in 2024 prices.
RWE puts combined installed capacity at 2.8 gigawatts, or 1.4 gigawatts for each farm, and says output could match electricity use by around three million UK homes. The UK government estimates construction and operation will support more than 2,400 jobs.
UK Prime Minister Andy Burnham described the investment as “a vote of confidence for building in Britain” ahead of the COP31 leaders’ summit in Antalya, Türkiye.
SSE has named Siemens Energy as its preferred supplier for Berwick Bank B, a proposed project off Scotland, and estimates the arrangement could support 2,677 roles: 2,222 existing or project-based roles in northern England and 455 in Scotland, including 130 new Scottish jobs. The proposed manufacturing work is expected to be located in Hull, Manchester, Newcastle, Glasgow and Montrose, SSE said. The appointment is not a final contract, and SSE still must make an investment decision, which it expects in late 2027. If the project proceeds, preparatory offshore work could start in 2028.
