KKR forms 50:50 joint venture with RWE for UK offshore wind projects
KKR•KKR acquired 50% stakes in Vanguard West and Vanguard East, forming a 50:50 joint venture with RWE for UK offshore wind projects representing around £12 billion in investment and 2.8 gigawatts of capacity. Financing includes £11.1 billion in cash facilities and £1.7 billion in ancillary facilities.
1. Joint venture and financing
KKR acquired 50% stakes in Vanguard West and Vanguard East, establishing a 50:50 offshore wind joint venture with RWE. The UK projects represent around £12 billion in investment and have combined generation capacity of 2.8 gigawatts. Non-recourse project financing from 35 international banks comprises £11.1 billion in cash facilities and £1.7 billion in ancillary facilities.
2. Construction timeline
Offshore construction is due to start in early 2027, with full commissioning expected in 2030. Each project secured a 20-year inflation-indexed Contract for Difference at £91.20 per megawatt-hour in 2024 prices.
