Vattenfall has finalised the sale of its Norfolk Offshore Wind Zone (Norfolk Zone) to RWE. The purchase strengthens RWE’s renewable energy market position and bolsters its offshore wind portfolio.
The Norfolk Zone development promises to be one of the world’s largest offshore wind projects, eventually providing clean energy to over four million UK homes. The project includes three fully consented wind farms: Norfolk Boreas, Norfolk Vanguard West, and Norfolk Vanguard East, with a combined capacity of 4.2GW.
Seamless transition
The sale ensures the ongoing development of the Norfolk Zone, with RWE taking over from Vattenfall. The two companies are committed to a seamless transition of work, aiming to retain existing delivery partnerships and collaborations with the local business community in East Anglia.
Vattenfall will record a capital gain from the £963 million sale, with the final amount disclosed in the January-March 2024 interim report.
Vattenfall’s commitment to the UK
While divesting from the Norfolk Zone, Vattenfall maintains a robust presence within the UK renewable energy sector. The company boasts 1.1GW of installed onshore and offshore wind capacity, alongside the advancement of the 798MW Muir Mhor floating offshore wind farm project in partnership with Fred Olsen Seawind.
The company is also developing approximately 1.5GW of onshore wind projects. Additionally, Vattenfall is active in other areas of clean energy in the UK, including heat networks in major cities and its Independent Network Operator business, supporting over 50 sites.
