RWE, KKR Reach Financial Close on 2.8GW UK Offshore Wind Projects

RWE and global investment firm KKR have reached financial close on the 2.8 GW Vanguard West and Vanguard East offshore wind projects in the UK North Sea, securing financing for developments representing a combined investment of approximately $16.1 billion (£12 billion).

The companies have also completed their joint venture transaction, with KKR acquiring a 50% equity stake in each project, establishing an equal partnership with RWE, which will lead project delivery.

The developments have secured $14.9 billion (£11.1 billion) in cash facilities and $2.28 billion (£1.7 billion) in ancillary facilities through non-recourse project financing from a consortium of 35 international banks, described by the companies as the largest financing of its kind for UK offshore wind.

The package includes a $1.34 billion (£1 billion) commitment from the UK's National Wealth Fund and credit cover from Germany's Euler Hermes and Denmark's EIFO.

This story was originally published by Offshore Engineer. Read the full story at Offshore Engineer →