RWE Sells 50% Stake in Norfolk Vanguard Offshore Wind Projects to KKR
RWE has sold a 50% stake in its Norfolk Vanguard West and East offshore wind projects to KKR, forming a joint venture to develop and operate the projects with a combined capacity of 3.1 gigawatts, capable of powering approximately 3 million homes. The deal, valued at over $15 billion, is expected to close in summer 2024, with operations planned for 2029 and 2030. RWE currently operates 19 offshore wind farms across Europe and is the second-largest globally in offshore wind capacity.
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RWE agreed to sell a 50% stake in its Norfolk Vanguard West and East offshore wind projects to KKR. The joint venture will develop, build, and operate the projects with a combined capacity of 3.1 gigawatts, expected to power around 3 million homes.
The deal is set to close in summer 2024. The total development cost for both projects is over $15 billion, with operations planned for 2029 and 2030. RWE operates 19 offshore wind farms across Europe and ranks second globally in offshore wind capacity.
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