KKR has agreed to acquire a 50% stake in RWE’s Norfolk Vanguard East and West offshore wind projects, forming a 50:50 joint venture to build and operate the assets. The portfolio totals ~3 GW of capacity and sits 50–80 km off the East Anglia coast. Completion is expected in summer 2026, aligned with a targeted FID in summer 2026.

The key insight is structural. This is a capital-intensive, late-stage offshore wind portfolio with planning secured, turbines shortlisted, grid connections defined, and 20-year CfDs already awarded. By bringing in KKR ahead of FID, RWE is de-risking balance sheet exposure while retaining operational control, rather than selling down post-COD.

That matters because the projects require over $15bn of total development and capex. At that scale, offshore wind is no longer financed solely off utility balance sheets. It is being syndicated to infrastructure capital once permitting, offtake, and supply chain risk are largely resolved.

The CfD strike price of £91.20/MWh ($122.71/MWh), inflation-indexed, anchors long-term cash flows and supports non-recourse project finance, which RWE has already launched. KKR’s entry validates that this risk profile now clears institutional return hurdles.

The signal is clear. UK offshore wind is moving toward a repeatable model: utilities originate and de-risk; infrastructure funds scale and finance. Expect more pre-FID farm-downs on multi-GW projects as capital discipline tightens and balance sheets are optimized.

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