Vanguard: RWE and KKR close financing for 2.8 GW of offshore wind
· BehindLines newsroom
RWE and the investment firm KKR have closed the financing for two offshore wind farms off the coast of England, Vanguard West and Vanguard East. According to Offshore Wind, the arrangement ties the two groups together on a 50:50 basis and relies on a consortium of 35 international banks; Alternatives Watch reports the same deal, dated 11 November 2026.
A financing billed as the largest in British offshore wind
According to Offshore Wind, the financing comprises £11.1 billion of cash facilities and £1.7 billion of ancillary facilities. RWE calls it the largest project financing ever raised for offshore wind in the United Kingdom. It includes a £1 billion pledge by Britain's National Wealth Fund, plus credit cover provided by Euler Hermes of Germany and EIFO of Denmark. Total investment, including power transmission, reaches around £12 billion. Alternatives Watch specifies that the equity amounts were not disclosed, and that it is the first British offshore wind project financing for both the National Wealth Fund and Euler Hermes.
The projects
The two wind farms sit 50 to 80 kilometres off the Norfolk coast. Each is to deliver about 1.4 GW, or 2.8 GW in total, enough to power roughly three million British homes, says Offshore Wind. RWE has ordered 92 Vestas V236-15 MW turbines per project. Haizea Wind Group has started manufacturing the foundations for Vanguard West, and Lamprell is to produce 184 transition pieces for the two farms. According to the same source, offshore construction is due to begin in early 2027, with the first foundation installed at Vanguard West in the first half of 2027 and full commissioning planned for 2030.
Jobs and the role of the state
The site The Energyst details that the National Wealth Fund is committing £500 million to each wind farm. According to its own estimates, cited by that site, the projects will create or support about 2,300 jobs a year during construction and more than 100 permanent jobs afterwards.
Why it matters
According to the announced schedule, offshore construction is to follow this financial close. The dates and volumes remain company forecasts, and only the completion of the work will confirm them.