RWE and KKR Invest £12 Billion in UK Wind Farms
RWE and KKR established a joint venture to build two offshore wind farms in the North Sea, supported by £1 billion from the UK National Wealth Fund.
Energy company RWE and investment firm KKR have formed a 50:50 joint venture to develop the Vanguard West and Vanguard East offshore wind farms in the British North Sea. The projects represent a £12 billion investment and are expected to generate 2.8 gigawatts of power for approximately three million homes by 2030. Located 50 to 80 kilometers off the coast of Norfolk, the facilities will support over 2,400 jobs, with construction scheduled to begin in early 2027.
Financing for the venture includes equity from both partners and a record-breaking package from 35 international lenders, featuring a £1 billion commitment from the UK National Wealth Fund and guarantees from Denmark's EIFO and Germany's Euler Hermes. The projects secured 20-year inflation-indexed contracts for difference in January 2026 at a strike price of £91.20 per megawatt hour.
Prime Minister Andy Burnham announced the investment as he prepared to attend the COP31 Leaders’ Summit in Antalya, Turkey. He described the project as a vote of confidence in British industry and a means to ensure power remains under British control. The announcement coincides with the introduction of the Energy Independence Bill and other renewable developments, including SSE's Berwick Bank B project in Scotland, which will partner with Siemens Energy to support thousands of jobs.
