# RWE and KKR Secure Record Financing for UK Offshore Wind A 12.8 billion GBP funding package advances the massive Vanguard offshore wind projects. - **Source:** [offshoreWIND.biz](https://www.offshorewind.biz) - **Published:** 2026-11-11 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/f0e2472e-b298-485e-a61d-ba7e01d41507 ## Record-Breaking Financial Close RWE and KKR have finalized a 50:50 joint venture for the Vanguard West and Vanguard East offshore wind projects. The partnership secured a massive 12.8 billion GBP financing package, marking the largest project financing ever achieved for an offshore wind development within the United Kingdom to date. ## Diverse Funding Sources The financing consortium includes 35 international banks providing 11.1 billion GBP in cash facilities and 1.7 billion GBP in ancillary facilities. Notably, the UK National Wealth Fund contributed 1 billion GBP, while credit support was provided by Germany’s Euler Hermes and the Danish Export and Investment Fund, EIFO. ## Project Scope and Capacity Located 50 to 80 kilometres off the Norfolk coast, the two wind farms will each feature an installed capacity of 1.4 GW. Combined, these facilities are expected to generate sufficient electricity to power approximately three million UK homes, significantly contributing to the nation's long-term renewable energy capacity targets. ## Strategic Partnership Structure RWE and KKR formalized their partnership following the acquisition of a 50 per cent stake by the US investment firm. While both companies will jointly develop and operate the wind farms, RWE maintains the lead role in project delivery, ensuring operational consistency throughout the construction and commissioning phases. ## Contractual and Pricing Framework The projects are supported by 20-year contracts for difference awarded during the UK’s seventh allocation round in January 2026. These contracts establish a strike price of 91.20 GBP per MWh in 2024 prices, providing long-term revenue certainty and financial stability for the multi-billion pound investment in these offshore assets. ## Supply Chain and Procurement RWE has already placed firm orders with Vestas for 92 V236-15 MW turbines for each project. Furthermore, manufacturing is underway, with Haizea Wind Group producing monopile foundations for Vanguard West, while Lamprell is tasked with the production of 184 transition pieces required for the two massive offshore wind farms. ## Construction and Commissioning Timeline Preparatory work is currently well advanced, with offshore construction scheduled to commence in early 2027. The installation of the first foundations at Vanguard West is planned for the first half of 2027, followed by Vanguard East. Both wind farms are currently expected to reach full commissioning by the year 2030. ## Market Significance This deal underscores the growing role of private equity in large-scale infrastructure projects. By leveraging non-recourse financing and government-backed funds, the partnership demonstrates a viable model for funding capital-intensive renewable energy assets. The successful closure signals continued investor confidence in the UK offshore wind sector’s long-term growth potential. ## Sources covering this story - https://www.offshorewind.biz/2026/11/11/rwe-and-kkr-reach-financial-close-for-28-gw-uk-offshore-wind-projects — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._