RWE and KKR have reached financial close on the Vanguard West and Vanguard East offshore wind projects off Norfolk, a combined 2.8GW and around £12 billion investment, according to Energy Global, a milestone that matters to developers, lenders and supply chains because RWE describes it as the largest project financing in UK offshore wind. RWE said offshore construction is expected to begin in early 2027, with full commissioning of both projects expected in 2030.

RWE is a German renewable energy company that leads project delivery on behalf of the joint venture, according to the announcement.

KKR is a global investment firm that acquired a 50% stake in each project, completing the joint venture announced in January 2026, according to the announcement.

National Wealth Fund is the UK public investor that committed £1 billion, while Euler Hermes, the German export credit agency, and EIFO, Denmark’s export and investment fund, provided credit cover, according to the announcement.

According to the announcement, financing comprises £11.1 billion in cash facilities and £1.7 billion in ancillary facilities from 35 international banks, and both projects hold 20-year inflation-indexed Contracts for Difference at £91.20/MWh in 2024 prices.

Markus Krebber, CEO of RWE AG, said in the announcement: “Securing the largest ever project financing in UK offshore wind also demonstrates our lenders’ trust in these projects and our ability to deliver them.” Vincent Policard, co-head of European infrastructure at KKR, said in the same announcement: “Our work with RWE demonstrates how private capital can help turn the UK’s energy ambitions into reality, with these projects capable of powering around three million UK homes.”

Maritime Journal reported that the government described the AR7 result of 8.4GW of offshore wind as Europe’s biggest ever offshore wind auction, with RWE winning 6.9GW across five projects at £91.20/MWh.

Envirotec Magazine reported that the £12 billion covers the wind farms and associated transmission infrastructure, and that RWE called it the largest non-recourse project financing for UK offshore wind.

For the sector, a 35-bank syndicate backed by export credit agencies and a public investor shows how offshore wind financing at this scale now combines private equity, commercial lending and state-linked support.