RWE AG finalized its $6.8 billion acquisition of all shares in Con Edison Clean Energy Businesses.

The transaction makes the newly dubbed RWE Clean Energy one of the five largest renewable energy company in the U.S. and the country’s second largest solar owner and operator.

The acquisition included a portfolio of 8 GW of renewable energy projects and a development platform of more than 24 GW. Around 60% of the portfolio is onshore wind and 40% solar.

Mark Noyes was named CEO of RWE Clean Energy. The executive management team includes Ingmar Ritzenhofen as CFO, Andrew Flanagan as chief development officer and Akshaya Bhargava as COO.

Con Edison said it continues to invest in clean energy transmission projects, building electrification, energy efficiency, electric vehicle infrastructure, battery storage and other technologies. The utility said it also wants to invest in and operate renewable generation in New York.

Acquisition financing came through debt instruments and an equity capital measure undertaken by RWE AG. Equity was raised via issuance of a mandatory convertible bond to a subsidiary of the Qatar Investment Authority. The mandatory convertible bond has an aggregate principal amount of $2.56 billion and is expected to be converted into new ordinary bearer shares, representing just under 10% of RWE AG’s existing share capital. Conversion is expected during the first quarter.

The company, together with its joint venture partner National Grid Ventures, secured area OCS-A 0539 in the New York Bight offshore lease auction in the U.S. with the potential to host about 3.2 GW of capacity. 

In addition, RWE secured area OCS-P 0561 in the California floating offshore wind auction, providing the potential to develop up to 1.6 GW of capacity. Due to water depths, all sites off the coast of California require the use of floating technology deployed at commercial-scale. 

RWE said it has gained early experience in floating offshore wind thanks to its participation in multiple floating demonstration projects in Norway, Spain and the U.S., each based on different foundation concepts.