Overview
- RWE has launched a process to raise non‑recourse project finance debt, with closing of the partnership, financing, and FID targeted for summer 2026.
- Both Norfolk Vanguard projects secured 20‑year UK CfDs in Allocation Round 7 at a £91.20/MWh strike price in 2024 money, indexed to inflation.
- The two wind farms are planned to use 184 turbines located 50–80 km off the East Anglia coast with connection to the National Grid.
- Norfolk Vanguard West is slated for commissioning in 2029, followed by Norfolk Vanguard East in 2030, supplying power for around 3 million homes.
- Total development and capital expenditure is estimated at over $15 billion, the transaction remains subject to customary closing conditions, and KKR will fund its stake through capital accounts it advises.