RWE, KKR partner over U.K. offshore wind projects

The U.K. government announced today the results of the Contracts for Difference Allocation Round 7 for offshore wind. In the competitive auction, RWE’s (RWEOY) Norfolk Vanguard East and Norfolk Vanguard West projects, as well as its two Dogger Bank South projects, all of which are located in the British North Sea, and its Awel y Mor project located in the Irish Sea secured 20-year CfDs at a strike price of GBP91.20 per megawatt hour, in 2024 prices, inflation-indexed, as confirmed by the U.K. Department for Energy Security and Net Zero. In total, RWE has been awarded CfDs for 6.9 gigawatts of capacity. RWE and KKR (KKR) have agreed on a long-term partnership to jointly realize the Norfolk Vanguard East and Norfolk Vanguard West projects. Under the agreement, KKR will acquire a 50% equity stake in each project, with both partners jointly developing, constructing and operating the wind farms. Closing of this transaction is subject to customary approval and expected in summer 2026.