KKR, a global investment firm, and RWE, one of the global leading renewable energy companies, announced a strategic partnership to jointly realise RWE’s UK Norfolk Vanguard East and Norfolk Vanguard West offshore wind projects.

The two new wind farms will have a combined generation capacity of approximately 3GW.

KKR and RWE will establish a 50:50 joint venture to build and operate the two windfarms, which require over $15bn of total development and capital expenditure to make the windfarms operational by 2029 and 2030 respectively.

Together, the offshore wind projects are expected to be able to power over 3 million UK homes with clean energy, further contributing to the UK government’s goal of doubling offshore wind capacity over the next 10 years.

The new windfarms will be located approximately 50 to 80km off the UK’s East Anglia coast in the North Sea and will comprise 184 turbines, offshore substations, and a connection to the National Grid.

Vincent Policard, Co-Head of European Infrastructure at KKR, said: “We are delighted to be forming this strategic partnership with RWE, a proven leader in offshore wind with an exceptional track record of developing high-quality projects. This investment underscores our conviction in the long-term importance of UK renewables and the central role offshore wind will play in advancing the country’s energy transition. By leveraging our complementary strengths – RWE’s world-class development expertise and KKR’s expertise in investing and owning large scale construction and renewable projects – we are helping deliver a significant addition to the UK’s future offshore wind capacity and support the UK in its decarbonisation journey.”

Sven Utermöhlen, CEO of RWE Offshore Wind: “We are pleased with the successful outcome of AR7 and are delighted to join forces with KKR as our strategic partner in the Norfolk Vanguard East and Norfolk Vanguard West offshore wind projects. By combining KKR’s investment know-how in large-scale, complex infrastructure projects with RWE’s extensive offshore wind expertise, we are well positioned to jointly realise these major projects.”

Shreya Malik, Managing Director in KKR’s European Infrastructure team, added: “KKR has built one of the largest renewable energy portfolios globally with a pipeline of over 50GW across its portfolio. We bring a full operational and financing toolkit that is designed to support the delivery of large-scale renewable projects alongside strategic partners like RWE. Our partnership model combines KKR’s know-how in executing on large scale complex infrastructure projects with leading industrial capabilities to accelerate the build-out of critical clean-energy infrastructure. RWE is one of the most respected offshore wind developers, and we are proud to partner with them on this milestone project.”

 

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