RWE Renewables is to sell a 50% stake in the 4200MW Norfolk offshore wind zone off east England.
The German developer, which acquired the plot from Vattenfall in late 2023, is seeking a partner as part of an “active portfolio management” approach, a spokesperson said.
A sale is expected in 2025, it is understood.
The Norfolk site is made up of the 1.4GW Vanguard East, 1.4GW Vanguard West and 1.4GW Boreas, all of which are consented and eligible for this year’s AR7 CfD auction.
“Active portfolio management is part of our systematic approach to optimise our capital allocation for our offshore wind business,” a spokesperson said.
“By selling down and entering partnerships for our projects, we reduce our capital employed for projects and our partner gets stakes in highly attractive projects.”
The farm down strategy is already in train for the company which yesterday sold a 49% stake in the Nordseecluster and Thor developments to Norges Bank Investment Management.
It plans to sell a 49% stake in the under-construction 1.4GW Sofia in 2026.
Source: reNews
