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RWE has agreed to buy Con Edison’s renewables business for $6.8 billion. The combined portfolio will double RWE’s operating assets in the United States to 7.2 GW, making it the fourth-largest renewables company and the second-largest U.S. solar operator.
From PV Magazine USA
Consolidated Edison has entered into a purchase and sale agreement to sell its wholly-owned Con Edison Clean Energy Businesses (CEB) and RWE Renewables Americas, a division of RWE Aktiengesellschaft. The transaction value is $6.8 billion.
Con Edison CEB is an operator and developer of renewable energy plants with a pipeline of over 7 GW. ConEdison Chairman and CEO Timothy P. Cowley said the transaction will allow the company to focus on its core consumer businesses. “RWE is well positioned to accelerate the growth of renewable energy across the United States.”
RWE, a leader in renewable generation, has operations throughout the United States, Europe and the Asia-Pacific region. The combined portfolio will double RWE’s operating assets in the United States to 7.2 GW, making it the fourth largest renewable energy company and the second largest solar operator in the United States. The combined project pipeline includes more than 24 GW of offshore wind, solar and batteries. And RWE plans to continue growing, expanding its global offshore wind operations in the United States.
“The acquisition of ConEdison’s clean energy businesses is a major boost for RWE’s green expansion in the United States, one of the most attractive and fastest-growing markets for renewable energy. The unique combination of complementary portfolios in offshore wind, solar and batteries creates one of the leading renewable companies in the US market,” said Markus Kreber, CEO of RWE AG.. “The combined development pipeline, one of the largest in the US, is supported by a strong financial position and offers significant opportunities for sustainable and value growth. I am delighted to welcome nearly 500 new colleagues. Together, let’s form an RWE team committed to contributing to the global energy transition.
Consolidated Edison, Inc. It will continue to operate as an investor-owned energy supply company, providing energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., Con Edison Transmission, Inc., Consolidated Edison Transmission, LLC, and Con Edison Gas Pipeline. and Storage, LLC.
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