German power producer RWE and alternative asset manager KKR announced on Wednesday that they have secured a £12.8 billion (USD$17.1 billion) financing package to reach financial close on projects to build 2 new offshore wind projects in the British North Sea, with a combined generation capacity of around 2.8 gigawatts.

The new projects received backing from a consortium of 35 international banks, marking the largest ever project financing in UK offshore wind.

Commenting on the announcement, UK Prime Minister Andy Burnham called the planned projects a “major investment in UK renewables,” and highlighted the energy security benefits of new domestic renewable energy capacity, noting that “every turbine we put up is power under British control, not at the mercy of events on the other side of the world.”

The new projects, Vanguard West and Vanguard East will be located between 50 and 80 km off the Norfolk coast in East Anglia. Each project will have an installed capacity of 1.4 GW, with the combined capacity equivalent to the energy needs to power around three million homes.

According to RWE and KKR, the projects represent a total investment of around £12 billion (USD$16 billion), including the construction of the wind farms and their associated transmission infrastructure. The investments will be supported by equity commitments from both RWE and KKR, alongside the new financing package, consisting of £11.1 billion in cash facilities plus £1.7 billion in ancillary facilities.

RWE said that preparatory onshore infrastructure work for the new projects is already well advanced, with offshore construction set to begin in early 2027, and full commissioning of both projects expected in 2030.

Markus Krebber, CEO of RWE AG:

“Our strategic partnership with KKR provides a strong foundation for the joint delivery of Vanguard West and Vanguard East, and is a vote of confidence in the UK as an attractive place to invest. Securing the largest ever project financing in UK offshore wind also demonstrates our lenders’ trust in these projects and our ability to deliver them.”

RWE was awarded the contract for the new projects in early 2026 by the UK’s Department for Energy Security and Net Zero (DESNZ), and announced at the time that KKR had agreed to acquire a 50% stake in the projects. In Wednesday’s update, the companies announced the completion of the transaction, and the formal establishment of the 50:50 joint venture to jointly develop, construct and operate both wind farms, with RWE leading project delivery on behalf of the JV.

Vincent Policard, Co-Head of European Infrastructure at KKR, said:

“Delivering at this scale requires substantial private investment, and KKR brings long-term capital, global infrastructure expertise and the ability to support complex projects through construction and operation. Our work with RWE demonstrates how private capital can help turn the UK’s energy ambitions into reality, with these projects capable of powering around three million UK homes.”