RWE reaches deal to sell half of major UK offshore wind project to KKR for nearly two billion dollars
RWE agreed to sell a 50 percent stake in its Norfolk Vanguard wind projects to KKR for 1.8 billion dollars. The firms will jointly build the 3.1 gigawatt site.
Insights:
RWE AG has reached an agreement to sell a 50 percent stake in its Norfolk Vanguard East and West offshore wind projects to investment firm KKR & Co. Inc. for approximately 1.8 billion dollars. The announcement follows the success of the German utility in the recent renewables auction in the United Kingdom 
GBand prompted a significant market reaction. Shares in the company rose by as much as 3.5 percent on the news, reaching their highest level in nearly 15 years.
GBand prompted a significant market reaction. Shares in the company rose by as much as 3.5 percent on the news, reaching their highest level in nearly 15 years.The two companies will form a joint venture to develop, build, and operate the wind farms, which are situated between 50 and 80 miles off the British coast. With a combined capacity of 3.1 gigawatts, the projects are expected to provide enough electricity to power around three million homes once they become operational. The current targets for completion are set for 2029 and 2030, with total development and capital spending for the massive infrastructure expected to exceed 15 billion dollars.
