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RWE, KKR finalise $16 billion investment in UK renewables

By Reuters News

Nov 11 (Reuters) - German utility RWE RWEG.DE and US private equity firm KKR KKR.N have agreed to invest around £12 billion ($16.02 billion) in offshore wind projects in Britain, they said on Wednesday, one of the biggest renewables investments in the country.

The projects' financial closing comes as world leaders, including British Prime Minister Andy Burnham, are expected to set out their climate priorities in speeches at COP31 in Turkey on Wednesday.

Here are some details from a government press release:

  • Investment includes equity commitments from both firms, financing from a consortium of international lenders and £1 billion from the country's National Wealth Fund

  • The projects, Norfolk Vanguard West and Vanguard East offshore wind farms, are expected to be fully commissioned in 2030

  • Investment will support more than 2,400 jobs during construction, while power from the farms is expected to support around 3 million homes

  • The companies had announced the joint venture partnership in January

($1 = 0.7492 pounds)

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