The energy group RWE is taking over the wind farm projects off the coast of the UK that have been put on hold by the Swedish energy supplier Vattenfall.

RWE is putting a total of 963 million pounds (around 1.1 billion euros) on the table for the three plants, each with 1.4 gigawatts, as the Essen-based company announced on Thursday. The transaction is expected to be finalized in the first quarter of 2024. The company intends to put all three Norfolk projects into operation before the end of this decade.

Vattenfall halted the Norfolk Boreas project it had started in July due to exploding costs. In return, the Group wanted to recognize impairment losses on its wind power business in Norfolk. "This sale means that we are reversing the impairment and the provisions made at the beginning of the year," the Swedish company announced. According to RWE, the company intends to seek a contract for difference for the other two projects in the portfolio in one of the upcoming British auction rounds.

(Report by Christoph Steitz and Nora Buli, written by Philipp Krach. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)