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RWE has agreed to acquire Con Edison’s renewable energy business for $6.8 billion. Combined portfolio nearly doubles RWE’s operating assets in the US to 7.2 GW, making him the fourth largest renewable energy company and the second largest solar operator in the US increase.
From pv magazine USA
Consolidated Edison has entered into a sale and purchase agreement to sell its wholly owned subsidiary Con Edison Clean Energy Businesses (CEB) and its subsidiaries to RWE Renewables Americas, a division of RWE Aktiengesellschaft. The deal is valued at $6.8 billion.
Con Edison CEB is a renewable energy plant operator and developer with a development pipeline of over 7 GW. Timothy P. Cawley, Chairman and CEO of Con Edison, said the deal will allow the company to focus on its core utilities business. “RWE is well positioned to accelerate renewable energy growth across the country.”
A leader in renewable power generation, RWE operates across the United States, Europe and Asia Pacific. Combined portfolio nearly doubles RWE’s U.S. assets under management to 7.2 GW, making him the fourth largest renewable energy company and second largest solar operator in the U.S. . The combined project pipeline includes over 24 GW of onshore wind, solar and battery. RWE also plans to expand its global offshore wind business in the United States, which will continue to grow.
“The acquisition of Con Edison Clean Energy Businesses is a major boost to RWE’s green expansion in the United States, one of the most attractive and fastest growing markets for renewable energy. CEO Markus Krebber said:.One of the largest integrated development pipelines in the United States offers significant opportunities for sustainable, value-enhancing growth underpinned by a strong financial position. I am very happy to welcome about 500 new colleagues. Together we form a strong RWE team and are strongly committed to contributing to the global energy transition. ”
Consolidated Edison, Inc. will continue to operate as an investor-owned energy delivery company, offering customers a wide range of energy-related products and services 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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