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 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.
