RENEWABLEUK
Vanguard announcement is a major vote of confidence in UK offshore wind

Commenting on RWE's announcement that Vanguard East and West offshore wind farms (2.8GW) have secured full construction financing and reached financial close, RenewableUK's CEO Tara Singh said:

"RWE's £12 billion announcement marks a great step forward for our world-leading offshore wind industry. It's a major vote of confidence in the UK as one of the most attractive destinations globally for private investment in offshore wind.

"Vanguard East and West, which will generate enough power to meet the needs of 3 million UK homes, is the first of the successful projects which won contracts in the last auction round, Allocation Round 7, to reach this stage of development. We're expecting a high level of competition between projects in the current auction round, Allocation Round 8, with more than 17 gigawatts of offshore wind capacity eligible to bid into this round. In the last auction, offshore wind secured contracts to generate power at a cost which is 40% cheaper than new gas plants. We're looking forward to the Government announcing the budget for the current auction this month, and hope that it will be set at a level which maximises the amount of low-cost power we can deliver for British homes and businesses, while significantly strengthening our energy security"

RenewableUK is the voice of the UK's renewable energy industry. As the largest renewable energy trade association, we represent over 400 companies spanning the full supply chain; our members develop, operate and maintain the country's wind, storage and flexibility infrastructure. By connecting industry and policy makers, we strengthen the UK's global leadership in renewables, building a secure, affordable and sustainable energy future.