KKR and RWE Partner to Develop 3 GW of Offshore Wind in the United Kingdom

KKR and RWE announced the creation of a strategic partnership to jointly develop the Norfolk Vanguard East and Norfolk Vanguard West offshore wind projects. The two farms, located in the North Sea off the East Anglia coast, would have a combined capacity of approximately 3 GW. The joint venture, owned 50% by each partner, will require over $15 billion in development and capital expenditure, according to data communicated by both companies.

Commissioning Schedule Spread Over Two Years

The two wind farms are expected to become operational in 2029 and 2030 respectively. They will comprise 184 turbines, offshore substations, and a connection to the National Grid. The infrastructure will be located between 50 and 80 kilometers off the British coast. According to the partners, these facilities could power over 3 million homes with electricity.

RWE brings its offshore wind development expertise to this operation. The German company, which claims 125 years of history in electricity production, positions itself as the second largest offshore wind player globally. It operates 19 operational offshore wind farms across Europe and ranks among the leading electricity producers in Germany and the United Kingdom.

An Investment Aligned with British Objectives

Offshore wind represents approximately 20% of the United Kingdom’s electricity production. The British government aims for installed capacity of 50 GW by 2030, doubling over ten years. Both Norfolk projects received an allocation under Allocation Round 7 (AR7) of the Contract for Difference (CfD) mechanism, the British renewable energy support scheme.

KKR highlights its experience in financing large-scale projects. Since 2011, the American fund’s infrastructure platform has committed over $31 billion into energy transition and renewables infrastructure globally. The group indicates it holds a pipeline of over 50 GW across its portfolio and counts more than 10 renewable energy developers among its holdings.

An Expanding Renewable Portfolio

In 2024, KKR invested in Encavis, a German renewable energy platform specializing in operating onshore wind farms across Europe. The fund also holds stakes in Greenvolt, a European renewables developer, and Avantus, an American solar and storage developer. Completion of the transaction with RWE remains subject to customary closing conditions.