KKR, Germany's RWE Invest $16 Billion in U.K. Wind-Power Projects — Update

By Fabiana Negrin Ochoa and Aimee Look

KKR and renewable energy company RWE plan to jointly invest around $16 billion in U.K. offshore wind projects, as the private-equity firm dials up its exposure to renewable power.

The two companies are teaming up to deliver more power through one of the country's biggest offshore wind developments, the Vanguard West and Vanguard East projects in the North Sea off the Norfolk coast.

The 12 billion pound investment, equivalent to about $16 billion, is provided by KKR, RWE and a consortium of 35 international banks, marking the largest-ever project financing package in U.K. offshore wind, the companies said.

Combined, the projects will have power-generation capacity of 2.8 gigawatts. Both companies will develop, construct and operate the wind farms, they said. RWE will lead project delivery, aiming to start offshore construction in early 2027.

In January, KKR clinched a 50% equity stake in the Norfolk Vanguard East and Vanguard West projects, forming a joint venture with RWE to develop and operate the wind farms.

New York-based KKR has been pouring billions into renewable energy projects as of late.

In August, it said it purchased a 50% stake in the European onshore solar and wind assets held by France's TotalEnergies. The deal, valued at around $2 billion, gives KKR access to its vast portfolio operating across the continent.

KKR also jointly launched a $1.3 billion renewable energy platform with South Korea's SK Inc. to fulfill demand for clean power in data centers, it said in June.

The U.K. has a significant opportunity to develop critical infrastructure to support long-term economic growth and strengthen energy security, said Vincent Policard, co-head of European infrastructure at KKR.

"Delivering at this scale requires substantial private investment," he said.

In the release Wednesday, Prime Minister Andy Burnham also backed the investment. "Every turbine we put up is power under British control, not at the mercy of events on the other side of the world," he said.

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com and Aimee Look at aimee.look@wsj.com

(END) Dow Jones Newswires

November 11, 2026 03:48 ET (08:48 GMT)