RWE has partnered with investment firm KKR to deliver the 3100MW AR7-winning Norfolk Vanguard offshore wind complex off east England.
The German developer, which won 6.9GW of the total capacity of 8.4GW in today’s auction, said KKR will acquire a 50% stake in the scheme made up of East and West phases off Norfolk.
Closing of this transaction is subject to customary approval and expected in summer 2026.
RWE said it has launched the process to raise non-recourse project finance debt for the projects.
Closing of the partnership transaction and the project financing, as well as the final investment decision, are targeted for summer 2026.
Commissioning of the projects is expected for 2029 (Norfolk Vanguard West) and 2030 (Norfolk Vanguard East).
“Going forward, RWE and KKR will assess opportunities to extend their collaboration to additional projects,” the German developer added.
Vincent Policard, Co-Head of European Infrastructure at KKR, said: “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 (pictured), CEO of RWE Offshore Wind, added: “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.”
RWE also secured backing for its Awel y Mor site off north Wales and 3GW Dogger Bank South complex off east England.
Chief executive Markus Krebber said: “We are delighted to have been successful in securing long-term offtake contracts for five projects in AR7.
In addition, we are excited 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.”
He added: “With the Dogger Bank South projects and our renowned partner Masdar, we are experiencing firsthand the value of strong partnerships.
“And at Awel y Môr, we are proud to collaborate with Stadtwerke München and Siemens, who bring their expertise and commitment to our shared success.
“With the successful outcome of AR7, and the agreed partnership with KKR, RWE has reached key milestones in executing its UK offshore wind development pipeline.”
Source: reNews
