Planned to be built around 27km off the coast of Suffolk, the 336MW power plant has secured £1.37bn of debt facilities from a consortium of 12 commercial banks and the European Investment Bank (EIB).
The partners plan to commence construction of project in November 2015.
In addition to creating around 700 jobs during construction and around 90 jobs once operational, the project is expected to reduce greenhouse gas emissions by more than 190kt CO2e per annum.
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."
The Galloper wind farm, which is an extension of the operational Greater Gabbard offshore wind farm, will feature 56 Siemens-built wind turbines to generate electricity required to power up to 336,000 British households.
Siemens will also provide wind turbines services for a 15-year period.
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."
For the project, VBMS, a strategic cable-laying joint venture between Royal Boskalis Westminster (Boskalis) and VolkerWessels, has received two contracts for the supply and installation of two 45km export cables connecting the Galloper offshore wind farm to the mainland.
The company will also supply and install 56 inter-array cables.
Image: The Galloper project is an extension to the existing offshore wind project Greater Gabbard. Photo: courtesy of RWE Innogy.
