Vattenfall and RWE conclude sale of Norfolk Offshore Wind Zone
Vattenfall has today completed the sale of the Norfolk Offshore Wind Zone to RWE. The agreed purchase price corresponds to an enterprise value of £963 million.
The deal ensures continued development of the Norfolk Zone which will produce clean power for over four million 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 of three fully consented wind farms – Norfolk Boreas, Norfolk Vanguard West and Norfolk Vanguard East and at 4.2GW will be one of the largest offshore wind developments in the world. 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.
Vattenfall remains committed to the UK, with 1.1GW installed offshore and onshore wind capacity; the 798MW Muir Mhor floating offshore wind farm in development with our JV partner Fred Olsen Seawind, plus a pipeline of around 1.5GW of onshore wind projects; heat networks under construction in three major UK cities; and over 50 sites connected to the Independent Network Operator business.
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