RWE, one of the world’s largest renewable energy companies, reached an agreement to buy Con Edison’s clean energy development business for $6.8 billion.
The transaction adds 3 GW of clean energy operating capacity, 90% comprised of solar assets, and a 7 GW development pipeline into RWE’s U.S. portfolio. RWE is based in Germany and now stands to be the fourth largest owner of renewable energy assets in the U.S.
The transaction will be funded by Qatar’s sovereign wealth fund, which is providing €2.4 billion ($2.39 billion) in cash and will take a 9% stake in the German company in return.
RWE CEO Markus Krebber called the US “one of the most attractive and fastest growing markets for renewable energy.”
RWE’s US pipeline now tops 24 GW, including onshore wind, solar, and battery storage assets.
Before the acquisition, RWE had earmarked nearly $15 billion for investment in the U.S.
The 500 employees within Con Edison Clean Energy Businesses will join RWE, the companies said.
The transaction between Con Edison and RWE is expected to close in the first half of 2023.
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Author: John Engel