RWE Secures 6.9 GW Offshore Wind Capacity in UK with KKR Partnership
RWE has secured 6.9 gigawatts of offshore wind capacity in the UK through an auction, partnering with KKR, which will invest approximately $1.8 billion for a 50% stake in the Norfolk Vanguard projects. The agreement guarantees a price of £91.20 per megawatt-hour for projects expected to begin operations between 2029 and 2032, with a final investment decision anticipated by summer 2026. Additionally, RWE has signed a 20-year LNG supply contract with Texas LNG, starting in 2030.
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RWE has secured 6.9 gigawatts of offshore wind capacity in the UK through a successful auction, collaborating with KKR for financial backing. The agreement includes 20-year contracts guaranteeing a price of £91.20 per megawatt-hour for projects such as Norfolk Vanguard and Dogger Bank South, with operations expected to start between 2029 and 2032.
KKR will invest around $1.8 billion for a 50% stake in the Norfolk Vanguard projects, reducing RWE's financial risk on the total project cost exceeding $15 billion. A final investment decision is anticipated by summer 2026.
Additionally, RWE has signed a 20-year LNG supply contract with Texas LNG, commencing in 2030, further securing gas supply. RWE's stock has risen over 73% in the past year, currently trading at €50.98, close to its 52-week high.
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