# KKR and RWE are rich firms. Why do they need a UK state loan for their windfarms? | Nils Pratley

- URL: https://talkfuse.com/story/kkr-and-rwe-are-rich-firms-why-do-they-need-a-uk-state-loan-for-their-windfarms-nils-pratley/
- Published: 2026-11-11T18:15:26+00:00
- Updated: 2026-11-11T18:49:59+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/business/nils-pratley-on-finance/2026/nov/11/kkr-rwe-uk-state-loan-vanguard-windfarms
- Topics: Business, Climate, Elections, Government, Politics, Science, UK, World

## Key points

- The National Wealth Fund is lending £1bn to the Vanguard windfarms.
- RWE and KKR are among the firms financing the projects.
- The loan raises questions about when state backing is needed.

## Summary

RWE and US investment firm KKR are financing two large offshore windfarms off Norfolk, with the UK’s National Wealth Fund lending £1bn as part of a £12.8bn package. The funding matters because the fund is meant to support projects that might not proceed without state backing, raising questions about whether this loan meets that test.

RWE sold KKR a 50% stake in the Vanguard projects, which together require almost £13bn in debt financing. The windfarms have guaranteed, inflation-linked electricity prices of £91.20 per megawatt hour in 2024 prices for 20 years; the fund says its loan is at market rates and will broaden capital available to the sector. The article argues that, given the scale and financial experience of RWE and KKR, the projects were unlikely to depend on the public loan.

---
Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.