KKR is investing in UK offshore windfarm projects via a partnership with renewable energy firm RWE.
Investment firm KKR said it has entered into a 50:50 partnership with RWE to develop Norfolk Vanguard East and Norfolk Vanguard West projects in the UK, which require over $15bn (€12.9bn) in total capital expenditure.
Once operational, the two wind farms will deliver a combined 3GW of clean energy capacity.
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.”
Sven Utermöhlen, CEO of RWE Offshore Wind, said: “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.
“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, said: “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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