RWE has completed its £963 million purchase of the 4.2GW Norfolk Offshore Wind Zone from Vattenfall.
The deal ensures continued development of the Norfolk Zone, which will produce clean power for over 4mn homes across the UK.
Vattenfall will record a capital gain from the transaction, the exact amount to be communicated in the forthcoming interim report for January-March 2024.
The Norfolk Offshore Wind Zone comprises three fully consented wind farms – Norfolk Boreas, Norfolk Vanguard West and Norfolk Vanguard East, each with a planned capacity of 1.4GW.
The three projects are well progressed in the permitting process, having secured key consents including seabed rights, grid connections and Development Consent Orders.
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 will resume the development of the Norfolk Boreas project, which was previously halted.
The companies originally struck the deal in December last year.
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.
Continued engagement with key delivery partners and with local businesses in East Anglia will deliver a seamless transition of work from Vattenfall to RWE as the zone is developed.
Sven Utermohlen, CEO of RWE Offshore Wind, stated: “Over the past 13 years, the Norfolk team has done a great job in developing the three offshore wind projects. 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.”
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