RWE and KKR seal £12bn deal for Norfolk offshore wind farms

RWE and KKR have signed off on £12bn of financing for two offshore wind farms off the Norfolk coast. The German energy giant and the investment firm are backing Vanguard West and Vanguard East, with offshore construction due to start in early 2027 and full commissioning expected in 2030.

Prime Minister Andy Burnham called the deal a vote of confidence in building in Britain, saying every turbine is power under British control rather than at the mercy of events on the other side of the world. He added that host communities from Scotland to East Anglia would gain jobs and opportunities, and that the state-owned National Wealth Fund is putting £1bn into the financing alongside private capital to bring a return for the taxpayer.

The two sites sit between 50 and 80 km off the coast and will generate around 2.8 gigawatts — enough to supply three million homes, according to RWE, making it one of the UK's largest offshore wind developments. RWE bought the sites in 2023 along with a third, Norfolk Boreas, which had been paused by its then owner Vattenfall. Onshore cable installation and substation construction are already well advanced, the company said.

The government expects the investment to support more than 2,400 jobs across construction and operation. RWE chief executive Markus Krebber said the projects strengthen domestic electricity generation and contribute to the country's long-term energy security. Energy Secretary Miatta Fahnbulleh framed it as Britain leading from the front as a renewable energy powerhouse as the world gathers at Cop31. Burnham is heading to the summit in Antalya, Turkey, where he speaks on Thursday.