Vattenfall has completed the sale of the Norfolk Offshore Wind Zone to RWE, with the agreed purchase price corresponding to an enterprise value of $1.21 billion (£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 company said.
The Norfolk Offshore Wind Zone comprises of three fully consented wind farms – Norfolk Boreas, Norfolk Vanguard West and Norfolk Vanguard East and at 4.2 GW 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 798 MW Muir Mhor floating offshore wind farm in development with JV partner Fred Olsen Seawind, plus a pipeline of around 1.5 GW of onshore wind projects.