RWE and investment firm KKR have completed their 50:50 joint venture for the Vanguard West and Vanguard East offshore wind projects in the UK and closed a financing package comprising GBP 11.1 billion (EUR 13.3 billion) in cash facilities and GBP 1.7 billion (EUR 2 billion) in ancillary facilities.
A consortium of 35 international banks provided the financing, which RWE says is the largest project financing secured for offshore wind in the UK to date. It includes a GBP 1 billion (EUR 1.2 billion) commitment from the UK’s National Wealth Fund, alongside credit cover from Germany’s Euler Hermes and Denmark’s Export and Investment Fund (EIFO).
The overall investment in the two projects, including their associated transmission infrastructure, is approximately GBP 12 billion (EUR 14.3 billion). The investment is supported by equity commitments from RWE and KKR, alongside the non-recourse project financing.
RWE and KKR announced that the US investment firm would acquire a 50 per cent stake in each of the two projects in December 2025, following the award of 20-year contracts for difference (CfD) to both wind farms in the UK’s seventh allocation round in January 2026, at a strike price of GBP 91.20 per MWh (approximately EUR 109 per MWh) in 2024 prices.