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RWE, KKR to partner on $15 billion British offshore wind projects
The joint venture will develop 3.1 GW offshore wind capacity powering around three million UK homes with over $15 billion in investment, highlighting KKR's commitment to UK renewables.
- On Jan 14, RWE agreed to sell a 50% stake in its Norfolk Vanguard East and West offshore wind projects to KKR, Reuters reported from Frankfurt.
- Using a farming down model, RWE and KKR will jointly develop, build and operate the farms to split large offshore project costs, which typically start at 1 billion euros ; Vincent Policard said it reflects KKR's conviction in UK renewables' long-term importance.
- Located 50-80 miles off the British coast, the Norfolk Vanguard East and West projects cover 3.1 gigawatts and require more than $15 billion to be operational by 2029 and 2030, respectively.
- The deal is expected to close in the summer, RWE said, and both parties will "assess opportunities to extend their collaboration to additional projects" while RWE shares rose 3.5% to a near 15‑year high.
- The transaction follows RWE's sale last year of a 49% stake to Norway's sovereign wealth fund for 1.4 billion euros, and two Reuters sources said KKR paid around $1.8 billion for its stake.
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RWE, KKR to partner on $15 billion British offshore wind projects
RWE said on Wednesday it had agreed to sell a 50% stake in its Norfolk Vanguard East and West offshore wind projects to investor KKR , after the German utility emerged as one of the winners in a milestone UK renewables auction.
·United Kingdom
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Total News Sources6
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