Vattenfall has completed the sale of the Norfolk Offshore Wind Zone to RWE.
The agreed purchase price corresponds to an enterprise value of £963m.
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 Swedish developer said.
The Norfolk Offshore Wind Zone comprises of three fully consented wind farms – Norfolk Boreas, Norfolk Vanguard West and Norfolk Vanguard East and at 4.2GW will be one of the largest offshore wind developments in the world.
The three development projects have already secured seabed rights, grid connections, Development Consent Orders and all other key permits.
The majority of Vattenfall’s Norfolk team will transfer to RWE as part of the transaction.
As members of RWE’s global offshore wind team, they will take forward the delivery of these projects under RWE’s Growing Green investment and growth plans.
All three Norfolk projects are expected to be commissioned in this decade.
Sven Utermöhlen, chief executive of RWE Offshore Wind, said: “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.
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.
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, Vattenfall said.
Vattenfall remains committed to the UK, with 1.1GW installed offshore and onshore wind capacity including the 798MW Muir Mhor floating offshore wind farm in development with JV partner Fred Olsen Seawind.
It also has a pipeline of around 1.5GW of onshore wind projects.