The National Wealth Fund has committed £1 billion to a £12.8 billion financing package for what it describes as the largest project financing completed in the UK offshore-wind sector.

The financing will support construction of RWE and KKR’s Norfolk Vanguard East and Norfolk Vanguard West projects off the Norfolk coast.

The National Wealth Fund is providing two £500 million commitments—one for each wind farm—as part of a consortium comprising 35 international banks.

KKR has also acquired a 50% equity stake in each wind farm, formally establishing a joint venture with RWE.

Norfolk Vanguard East and West will have a combined generating capacity of 2.8 GW.

Preparatory work is already under way, with offshore construction scheduled to begin in early 2027.