RWE and Vattenfall Complete Multi-Gigawatt Offshore Wind Transaction in UK

Posted on 27 March 2024

RWE and Vattenfall Complete Multi-Gigawatt Offshore Wind Transaction in UK
RWE and Vattenfall have completed the sale of three offshore wind projects in the UK. With the transaction completed, RWE has expanded its offshore wind portfolio in the UK by 4.2 GW.

The three projects – Norfolk Vanguard West, Norfolk Vanguard East and Norfolk Boreas – each with a planned capacity of 1.4 GW, are located 50 to 80 kilometres off the coast of Norfolk in East Anglia. The agreed purchase price corresponds to an enterprise value of GBP 963 million, Vattenfall said.

The three development projects have already secured seabed rights, grid connections, Development Consent Orders and all other key permits.

Along with the three projects, RWE said the company is looking forward to welcoming the majority of Vattenfall’s Norfolk team who will transfer to RWE as part of the transaction. As members of RWE’s global offshore wind team, they will take forward the delivery of these projects under RWE’s Growing Green investment and growth plans. All three Norfolk projects are expected to be commissioned in this decade.

”Over the past 13 years, the Norfolk team has done a great job in developing the three offshore wind projects,” Sven Utermöhlen, CEO of RWE Offshore Wind, said.

”I am very happy to welcome them to our global offshore wind team and we will rely on their expertise to take forward the projects’ delivery in one of the world’s most attractive regions for offshore wind. Equally, I am looking forward to continuing the work with our supply chain partners. I’d also like to thank the Vattenfall team and The Crown Estate for their work in facilitating a smooth handover of the Norfolk projects to ensure a seamless transition.”

The Norfolk Vanguard West and Norfolk Vanguard East projects are most advanced, having secured the procurement of most key components.

The next milestone in the development of the Norfolk Vanguard West and the Norfolk Vanguard East projects is to secure a Contract for Difference (CfD) in one of the upcoming auctions, RWE said.

The company said it will resume the development of the Norfolk Boreas project, which was previously halted. As a next step, the RWE Norfolk team will work on securing preferred supplier agreements for all key components and will then enter the project in a CfD auction at a later date.

Including the three Norfolk offshore wind projects from Vattenfall, RWE is developing nine offshore wind projects in the UK, representing a combined potential installed capacity of around 9.8 GW, with RWE’s pro rata share amounting to 7 GW.

Furthermore, RWE is constructing the 1.4 GW Sofia offshore wind project in the North Sea off the UK’s east coast. The company’s goal is to triple its global offshore wind capacity from 3.3 GW today to 10 GW in 2030.

 

Source: offshoreWIND (www.offshorewind.biz/2024/03/27/rwe-and-vattenfall-complete-multi-gigawatt-offshore-wind-transaction-in-uk/?%3Futm_source=offshorewind&utm_medium=email&utm_campaign=newsletter_2024-03-28)

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