RWE, KKR Join Forces on $16 Billion of U.K. Wind-Power Projects
By Fabiana Negrin Ochoa
Renewable-energy company RWE and private-equity firm KKR are joining forces on offshore-wind projects in the U.K. representing about $16 billion of investment.
The Vanguard West and Vanguard East projects in the British North Sea are among the U.K.'s largest offshore-wind developments, with a combined generation capacity of around 2.8 gigawatts, the companies said Wednesday.
Financial close has been reached for both projects. The 12 billion pound investment, equivalent to about $16 billion, is supported by equity commitments from both RWE and KKR, alongside financing from a consortium of international lenders, the companies said.
KKR has acquired a 50% equity stake in each project, formally establishing the 50:50 joint venture with RWE announced in January.
Both parties will develop, construct and operate the wind farms, with RWE leading project delivery.
"Preparatory works are well advanced, putting us in a strong position to begin offshore construction in early 2027," said Markus Krebber, chief executive of RWE.
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.
The consortium of 35 international banks backing the project represents the largest ever project financing in U.K. offshore wind, the companies said.
Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com
(END) Dow Jones Newswires
November 11, 2026 01:31 ET (06:31 GMT)
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