Business & Economy
KKR and RWE are rich firms. Why do they need a UK state loan for their windfarms? | Nils Pratley
Source: Business | The Guardian · Published
National wealth fund is to lend £1bn towards the Vanguard projects – but whether the private equity giant needed help is debatable “This major investment in UK renewables is a vote of confidence for building in Britain,” declared the prime minister. Andy Burnham is obviously corr
National wealth fund is to lend £1bn towards the Vanguard projects – but whether the private equity giant needed help is debatable “This major investment in UK renewables is a vote of confidence for building in Britain,” declared the prime minister. Andy Burnham is obviously correct that the two Vanguard windfarms off the coast of Norfolk are huge investments . Together, they require almost £13bn of debt financing.
But he can’t claim they represent a fresh expression of confidence. The project has been on the runway since the German utility RWE, the developer, was awarded a contract to build the windfarms in January’s renewables auction. Continue reading...
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