RWE, KKR finalise $16 billion investment in UK renewables
KKR•RWE and KKR agreed to invest around £12 billion ($16.02 billion) in two UK offshore wind farms, with financial closing completed. The projects are expected to be commissioned in 2030 and support around 3 million homes.
1. Investment details
RWE and KKR have agreed to invest around £12 billion ($16.02 billion) in Britain’s Norfolk Vanguard West and Vanguard East offshore wind farms. The financing includes equity commitments from both companies, funding from international lenders and £1 billion from the country’s National Wealth Fund.
2. Project timeline
The farms are expected to be fully commissioned in 2030. Construction is expected to support more than 2,400 jobs, and their power is expected to support around 3 million homes. The companies announced their joint venture partnership in January.
