KKR, a global investment firm, and RWE, a leading renewable energy company, announced a strategic partnership to jointly develop the Norfolk Vanguard East and Norfolk Vanguard West offshore wind farms in the UK. The projects will have a combined generation capacity of approximately 3 GW, capable of powering over 3 million UK homes.

The two companies will form a 50:50 joint venture to construct and operate the wind farms, with total development and capital expenditure exceeding $15 billion. The wind farms are expected to become operational by 2029 and 2030, and will include 184 turbines, offshore substations, and a connection to the National Grid.

Vincent Policard, Co-Head of European Infrastructure at KKR, highlighted the partnership’s role in supporting the UK’s decarbonisation goals and the country’s plan to double offshore wind capacity by 2036. Sven Utermöhlen, CEO of RWE Offshore Wind, emphasized that combining RWE’s offshore wind expertise with KKR’s infrastructure investment experience will accelerate project delivery.

Offshore wind currently supplies about 20% of the UK’s electricity, and the projects will contribute to a target of 50 GW of offshore wind capacity by 2030. Both projects were awarded Contracts for Difference in the UK’s Allocation Round 7. Completion is subject to customary closing conditions.

This partnership strengthens KKR’s portfolio, which includes over 50 GW of renewable projects worldwide, and supports RWE’s ongoing expansion in offshore wind as part of its commitment to a net-zero energy future by 2040.

Source: stocktitan.net