Private equity firm KKR and German utility RWE have finalised a £12bn investment in two offshore wind projects in the UK, marking one of the country's largest renewable energy investments, according to a report by Reuters.

The investment will reportedly fund the Norfolk Vanguard West and Vanguard East offshore wind farms, which are expected to be fully commissioned by 2030. The projects will generate enough electricity to power approximately three million homes and support more than 2,400 jobs during construction.

Financing reportedly includes equity commitments from KKR and RWE, debt provided by a consortium of international lenders and £1bn from the UK's National Wealth Fund. The two companies originally announced their joint venture partnership in January, when KKR agreed to acquire a 50% stake in the projects.

The financial close coincides with the COP31 climate summit in Turkey, where world leaders are expected to outline their climate priorities, highlighting continued institutional investment in renewable energy infrastructure.