RWE stock: KKR joint venture reaches financial close

Published on 11/12/2026 at 17:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

RWE stock is in focus after RWE and KKR completed a major UK offshore wind partnership. The projects add long-term growth potential as construction moves toward 2027.

RWE advances major offshore projects

RWE and KKR have completed an equal partnership for two UK offshore wind farms.
RWE reaffirmed its 2026 earnings and dividend targets after a strong first nine months.
Offshore construction is scheduled to start in early 2027, with full commissioning targeted for 2030.

RWE, DE0007037129, Illustration mit AI erstellt.

RWE and KKR completed the equity close and project financing for two large offshore wind farms in the UK on Wednesday, November 11, 2026. The new milestone strengthens RWE's development pipeline and gives the company a defined route into the construction phase.

According to RWE, KKR acquired a 50% equity stake in Vanguard West and Vanguard East, formally creating a 50:50 joint venture. RWE will lead project delivery, while both partners will develop, construct and operate the wind farms.

Financing clears the next project phase

The projects have a combined planned generation capacity of 2.8 gigawatts and are expected to supply the equivalent of around three million UK homes once operational. Their total investment is around 12 billion British pounds, covering the wind farms and associated transmission infrastructure.

Financial close includes non-recourse financing from 35 international banks, with 11.1 billion British pounds in cash facilities and 1.7 billion British pounds in ancillary facilities. The package also includes a 1 billion British pound commitment from the UK's National Wealth Fund. The structure limits direct recourse to the project sponsors while supporting construction of the assets.

Earnings outlook remains constructive

In a separate release on the same day, RWE reported adjusted EBITDA of 4.6 billion euros for the first nine months of 2026, up from 3.4 billion euros a year earlier. Adjusted earnings per share reached 2.52 euros, compared with 1.77 euros in the prior-year period.

RWE kept its 2026 adjusted EBITDA guidance at 5.75 billion to 6.35 billion euros and its adjusted net income range at 1.95 billion to 2.45 billion euros. Management expects results toward the upper end of both ranges and reaffirmed a dividend target of 1.32 euros per share.