RWE cashes in on UK auction win with KKR offshore wind deal

RWE said on Wednesday it agreed to sell a 50 per cent stake in its Norfolk Vanguard West and East offshore wind projects to investor KKR. This occurred after the German utility emerged as one of the winners in a milestone British renewables auction.

No financial details were disclosed for the deal, which is expected to close in the summer. However, RWE said that both parties will, "assess opportunities to extend their collaboration to additional projects".

RWE and KKR will jointly develop, build and operate the wind farms. This is a model referred to as farming down that enables both project developers and financiers to split the steep bill for large offshore projects, which usually start at €1 billion.