German energy company RWE and US private equity firm KKR will jointly build the Vanguard West and Vanguard East offshore wind farms in the UK for approximately GBP 12 billion. KKR has acquired a 50 percent stake in each project, according to a press release.
Financing has been secured from 35 banks, comprising GBP 11.1 billion in loan facilities and GBP 1.7 billion in supplementary facilities, the largest project financing to date for UK offshore wind power.
The wind farms will have a combined capacity of 2.8 gigawatts and are expected to be fully operational in 2030.
Offshore construction will begin in 2027.
