BDO advises RWE on the formation of a joint venture with KKR
BDO advises RWE on the formation of a joint venture with KKR
RWE and KKR have formed a strategic joint venture to jointly advance the development, construction and commissioning of two offshore wind projects in the United Kingdom. KKR acquired a 50% equity stake in each of the two projects. As part of this transaction, various teams from BDO provided support to RWE with financial modelling, a financial vendor due diligence and a tax vendor due diligence.
The Norfolk Vanguard East and Norfolk Vanguard West offshore wind farms will comprise 184 turbines with a combined capacity of around 3 GW and will be located 50 to 80 kilometres off the coast of the UK near East Anglia in the North Sea. Once completed, the farms are expected to generate enough clean energy to power around 3 million UK households.
RWE is currently the second-largest offshore wind farm operator worldwide and the largest electricity producer in Germany and the UK. KKR (Kohlberg Kravis Roberts) is a leading global investment firm that manages alternative assets such as private equity, infrastructure and real estate. The partnership combines RWE's expertise in offshore wind energy development with KKR's experience in large-scale infrastructure investments.
BDO supported RWE throughout the project with a specialised and multidisciplinary advisory team led by René Titze (Partner, Deal Advisory). Dr Günther Keller (Partner, Deal Advisory) and his team provided support with financial modelling. A team led by David Bevan (Partner, Deal Advisory) and his team carried out the financial vendor due diligence. Dr Michael Brauer (Partner, Transaction Tax) and Sam Boundy (Partner, Transaction Tax) were responsible for preparing the tax vendor due diligence.
BDO consultants involved:
Financial Vendor Due Diligence:
Financial Model:
Tax Vendor Due Diligence:
The Norfolk Vanguard East and Norfolk Vanguard West offshore wind farms will comprise 184 turbines with a combined capacity of around 3 GW and will be located 50 to 80 kilometres off the coast of the UK near East Anglia in the North Sea. Once completed, the farms are expected to generate enough clean energy to power around 3 million UK households.
RWE is currently the second-largest offshore wind farm operator worldwide and the largest electricity producer in Germany and the UK. KKR (Kohlberg Kravis Roberts) is a leading global investment firm that manages alternative assets such as private equity, infrastructure and real estate. The partnership combines RWE's expertise in offshore wind energy development with KKR's experience in large-scale infrastructure investments.
BDO supported RWE throughout the project with a specialised and multidisciplinary advisory team led by René Titze (Partner, Deal Advisory). Dr Günther Keller (Partner, Deal Advisory) and his team provided support with financial modelling. A team led by David Bevan (Partner, Deal Advisory) and his team carried out the financial vendor due diligence. Dr Michael Brauer (Partner, Transaction Tax) and Sam Boundy (Partner, Transaction Tax) were responsible for preparing the tax vendor due diligence.
BDO consultants involved:
Financial Vendor Due Diligence:
- René Titze (Partner Deal Advisory, Düsseldorf)
- David Bevan (Partner Deal Advisory, London)
- Konrad Langworth (Associate Director Deal Advisory, London)
- Lorenzo Montaruli (Manager Deal Advisory, London)
- Henrik Julius Kruse (Senior Consultant Deal Advisory, Düsseldorf)
Financial Model:
- Dr. Günther Keller (Partner Deal Advisory, Nürnberg)
- Paul-André Lacoste (Senior Manager Deal Advisory, München)
- Sebastian Steiner (Senior Consultant Deal Advisory, Düsseldorf)
- Hao Yue (Senior Consultant Deal Advisory, Düsseldorf)
- Meghana Lakayil (Consultant Deal Advisory, Nürnberg)
Tax Vendor Due Diligence:
- Dr. Michael Brauer (Partner Transaction Tax, Düsseldorf)
- Sam Boundy (Partner Transaction Tax, London)
- Viran De Silva (Associate Director Transaction Tax, London)