KKR and RWE announced a strategic partnership to jointly realise RWE's UK Norfolk Vanguard East and Norfolk Vanguard West offshore wind projects. The two new wind farms will have a combined generation capacity of approximately 3GW. KKR and RWE will establish a 50:50 joint venture to build and operate the two windfarms, which require over $15 billion of total development and capital expenditure to make the windfarms operational by 2029 and 2030 respectively.
Together, the offshore wind projects are expected to be able to power over 3 million UK homes with clean energy, further contributing to the UK government's goal of doubling offshore wind capacity over the next 10 years. A leading supplier of renewables with a 125-year history in electricity production, RWE has a broad portfolio of renewables and flexible generation capacity, and is Germany's and the UK's largest power producer. RWE is the second largest player in offshore wind globally, and owns 19 operational offshore wind farms throughout Europe.
Offshore wind is a key pillar of the UK's energy system, supplying around 20% of the country's electricity and underpinning the target of reaching up to 50GW of capacity by 2030. The new windfarms will be located approximately 50 to 80km off the UK's East Anglia coast in the North Sea and will comprise 184 turbines, offshore substations, and a connection to the National Grid.
