United Kingdom – Vattenfall has finalized the sale of the Norfolk Offshore Wind Zone to RWE, valued at £963 million.
The Norfolk Offshore Wind Zone encompasses three fully consented wind farms – Norfolk Boreas, Norfolk Vanguard West, and Norfolk Vanguard East, collectively capable of generating 4.2GW of renewable energy. This massive offshore wind development stands poised to become one of the largest in the world, reinforcing the UK’s position as a global leader in clean energy innovation.
The completion of this deal ensures the uninterrupted development of the Norfolk Zone, paving the way for the production of clean electricity to power over four million homes across the UK. As the transition of responsibilities from Vattenfall to RWE unfolds, continued engagement with key delivery partners and local businesses in East Anglia will facilitate a seamless handover of operations.
Financial implications
While Vattenfall will record a capital gain from the transaction, the exact amount will be disclosed in the forthcoming interim report for January-March 2024. Despite divesting the Norfolk Offshore Wind Zone, Vattenfall remains steadfast in its commitment to the UK’s renewable energy sector.
