RWE Secures 6.9 GW Offshore Wind Capacity in UK; KKR Acquires 50% Stake in Norfolk Vanguard Projects
RWE has secured contracts for 6.9 gigawatts of offshore wind capacity in the U.K. through the latest Contracts for Difference Allocation Round, including projects at Norfolk Vanguard and Dogger Bank South. KKR has acquired a 50% stake in the Norfolk Vanguard projects, with the partnership aimed at their development and operation, pending customary approvals by summer 2026. RWE reported a revenue of $16.72 billion but faces operational challenges reflected in its margins and debt-to-equity ratio.
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RWE has secured contracts for 6.9 gigawatts of offshore wind capacity in the U.K. through the Contracts for Difference Allocation Round 7. This includes projects at Norfolk Vanguard East, Norfolk Vanguard West, and two at Dogger Bank South, along with the Awel y Mor project in the Irish Sea.
The contracts, awarded by the U.K. Department for Energy Security and Net Zero, include 20-year CfDs at a price of GBP91.20 per megawatt-hour for 2024. KKR has partnered with RWE to acquire a 50% stake in the Norfolk Vanguard East and West projects, collaborating on their development, construction, and operation.
The deal is subject to customary approvals, with closure expected by summer 2026. RWE reported a revenue of $16.72 billion with a net margin of 14.05%, but faces operational challenges reflected in a 2.55% operating margin and a debt-to-equity ratio of 1.83.
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