EnergyUnited Kingdom

KKR and RWE back £12bn UK offshore wind investment

KKR and RWE are investing £12 billion in UK offshore wind, a package the government announced on Wednesday. The two companies will form a 50:50 joint venture for a 2.8 GW wind farm.

Illustration: A row of tall wind turbines on a green hill against a huge vermilion sky, seen from far away.
Illustration

Officials said on Wednesday that the funding is coming from RWE, a German energy company, and KKR, an American private equity firm that buys companies and runs them privately. The package is for a project off the Norfolk coast, and headlines value it at $16 billion.

Andy Burnham has praised the record investment in offshore wind. The announcement comes as the government works to repair its green credentials, or its record on climate policy, after approving the Jackdaw gasfield in the North Sea. That approval has drawn criticism, and the government is trying to calm critics.

RWE and KKR will form a 50:50 joint venture to develop a 2.8 GW UK wind farm. A gigawatt is one billion watts, a measure of how much power a plant can generate.

The announcement comes ahead of the Cop31 climate crisis summit in Turkey. The prime minister is preparing to travel to that summit.

Where
United Kingdom
Published
Section
Energy

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

Back to the front page

More news

Illustration: A glossy model oil tanker sits low in calm water beside a small model oil derrick, with a surplus of full barrels stacked beside it on a coral tabletop.Energy risingGulf supply rebounds and tips oil into surplus, IEA saysThe International Energy Agency says global oil supply has moved into surplus as Gulf exports recover. Iraq's October output was its highest since 2019, while European diesel prices stayed high.Illustration: A row of tall refinery towers and round storage tanks stands in silhouette against a huge setting sun, with a thin plume of steam drifting sideways in the evening air.EnergyOil prices swing as Trump says US no longer needs Iran dealOil prices jumped after President Donald Trump said Washington did not need a deal with Iran. US crude stockpiles also rose more than expected, adding to a market already swinging on peace hopes.Brent crudedown −8.66%1 monthIllustration: A large gold paper coin carrying the Bitcoin logo sits on the edge of a stepped cliff of coral and mustard paper, as if it is about to slide down.CryptoBitcoin slides to three-month low as crypto traders lose $599 millionBitcoin fell to its lowest level since August, and Ether dipped below $2,000. Traders who bet on higher crypto prices lost $599 million in 24 hours, adding to a wider slide in the market.Bitcoindown −17.05%1 monthIllustration: A busy trading floor seen from behind, traders with hands on their heads, large screens printed in pink-red.Companies risingNvidia CEO Jensen Huang steps down amid affair allegationsNvidia co-founder Jensen Huang has resigned as chief executive after allegations of extramarital affairs, and the chip maker's shares fell. The episode raises questions about who will lead the AI chip leader and how far the fallout will spread.NVIDIAdown −26.60%1 monthIllustration: The columned stone front of a central bank building with wide steps, carved in black lines with one emerald accent, seen from far away.EconomyBond yields climb as traders bet on more Fed rate hikesBond yields rose and the dollar climbed further as traders bet on more Fed rate hikes. Goldman Sachs expects two more hikes before any cuts, a move that means higher borrowing costs.US 10-year Treasury yielddown −0.54%1 monthIllustration: A hooded anonymous figure sits in a dark room facing laptop screens glowing red, face unseen, cyan light on wet surfaces.CryptoUS seeks to seize $1.2 billion from North Korea-linked Binance hackThe US Justice Department won court approval to seize or restrain over $1.2 billion stolen from Binance. It also disrupted a $400 million crypto theft scheme that used fake video calls.