KKR Announces Strategic Partnership With RWE to Realise UK Offshore Windfarms

Project to deliver c.3GW of new UK offshore wind capacity and support national decarbonisation goals

LONDON & ESSEN, Germany--(BUSINESS WIRE)--KKR, a leading global investment firm, and RWE, one of the global leading renewable energy companies, today announced a strategic partnership to jointly realise RWE’s UK Norfolk Vanguard East and Norfolk Vanguard West offshore wind projects. The two new wind farms will have a combined generation capacity of approximately 3GW.

KKR and RWE will establish a 50:50 joint venture to build and operate the two windfarms, which require over $15bn of total development and capital expenditure to make the windfarms operational by 2029 and 2030 respectively. Together, the offshore wind projects are expected to be able to power over 3 million UK homes with clean energy, further contributing to the UK government’s goal of doubling offshore wind capacity over the next 10 years.

A leading supplier of renewables with a 125-year history in electricity production, RWE has a broad portfolio of renewables and flexible generation capacity, and is Germany’s and the UK’s largest power producer. RWE is the second largest player in offshore wind globally, and owns 19 operational offshore wind farms throughout Europe.

Offshore wind is a key pillar of the UK’s energy system, supplying around 20% of the country’s electricity and underpinning the target of reaching up to 50GW of capacity by 2030. The new windfarms will be located approximately 50 to 80km off the UK’s East Anglia coast in the North Sea and will comprise 184 turbines, offshore substations, and a connection to the National Grid.

Commenting on the announcement, 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. 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, CEO of RWE Offshore Wind: “We are pleased with the successful outcome of AR7 and are delighted 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.”

Shreya Malik, Managing Director in KKR’s European Infrastructure team, added: “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.”

KKR has extensive experience in investing behind the energy transition with a strong focus on renewable and transition-related assets globally. Since 2011, KKR’s Infrastructure platform has committed more than $31 billion into energy transition and renewables infrastructure globally. KKR’s portfolio also includes over 10 renewable energy developers. In 2024, KKR invested in Encavis, a German renewable energy platform that owns and operates a diversified portfolio of onshore wind farms across multiple European countries. Previous investments have also included the acquisition of a controlling stake in European renewables developer Greenvolt, and a majority equity investment in U.S. solar and storage developer Avantus.

Both projects have received an allocation for Contract for Difference in the UK’s Allocation Round 7 awards, announced today. The completion of the transaction is subject to customary closing conditions.

KKR is funding the investment through capital accounts advised by KKR.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About RWE

RWE is leading the way to a modern energy world. With its investment and growth strategy, RWE is contributing significantly to the success of the energy transition and the decarbonisation of the energy system. Around 20,000 employees work for the company in almost 30 countries worldwide. RWE is one of the leading companies in the field of renewable energy. RWE is investing billions of euros in expanding its generation portfolio, in particular in offshore and onshore wind, solar energy and batteries. It is perfectly complemented by its global energy trading business. Thanks to its integrated portfolio of renewables, battery storage and flexible generation, as well as its broad project pipeline of possible new builds, RWE is well positioned to address the growing global demand for electricity, particularly driving by further electrification and artificial intelligence. RWE is decarbonising its business in line with the 1.5-degree reduction pathway and will phase out coal by 2030. RWE will be net zero by 2040. Fully in line with the company’s purpose - Our energy for a sustainable life.