At a glance
- The close came about ten months after the two sponsors announced their joint venture in January, when KKR agreed to buy a 50% stake in the projects.
- For fund selectors, the £1bn National Wealth Fund commitment is about 8% of the £12bn total, a measurable state co-investment alongside the sponsors' equity and syndicated lender debt.
- The projects are expected to be fully commissioned by 2030 and to generate enough electricity for about three million homes, Private Equity Wire reported, citing Reuters.
KKR and RWE closed £12bn of financing for two UK offshore wind farms, Norfolk Vanguard West and Vanguard East, Private Equity Wire reported, citing Reuters.
The close came about ten months after the two sponsors announced their joint venture in January, when KKR agreed to buy a 50% stake in the projects. The financing combines equity from both sponsors, debt from a syndicate of international lenders and £1bn from the UK's National Wealth Fund.
For fund selectors, the £1bn National Wealth Fund commitment is about 8% of the £12bn total, a measurable state co-investment alongside the sponsors' equity and syndicated lender debt.
The projects are expected to be fully commissioned by 2030 and to generate enough electricity for about three million homes, Private Equity Wire reported, citing Reuters. More than 2,400 construction jobs are expected.
Reported by the Energy Transition desk from Private Equity Wire, citing Reuters. Published . Corrections