The company’s joint equity partners in the project include UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital.
The partnership has secured £1.37bn in debt facilities from a consortium of 12 commercial banks and the European Investment Bank.
UK Energy Minister Andrea Leadsom said: "This is fantastic news for the region and the whole of the UK, reflecting the fact that we are open for business and the best place in the world to invest in offshore wind. This milestone shows how the UK’s offshore wind industry is going from strength to strength."
To be built 27km off the Suffolk coast, the 336MW Galloper wind farm will create 700 jobs during construction and around 90 jobs once operational.
Construction on the project will begin in November this year, with plans to begin operations in March 2018.
When operational, the project will generate clean energy that will be enough to power close to 330,000 homes, while reducing over 190 CO2 emissions (kt) annually.
RWE Innogy CEO Hans Bünting said: "We welcome GIB, with their experience of supporting renewables ventures and their substantial knowledge of offshore wind financing, back to another offshore partnership, their first ever equity investment being a stake in our Rhyl Flats project.
"Together with all of our partners, we look forward to utilising our collective experience and expertise to realise the successful construction of the Galloper wind farm.
Siemens will carry out the supply and installation of 56 units of its 6MW turbines at the project, through the partnership.
Image: The Galloper project will be located close to its existing sister project Greater Gabbard. Photo: courtesy of RWE Innogy.
