The purchase of Con Edison’s Clean Energy Businesses will nearly double RWE’s U.S. renewables portfolio and grow its regional project pipeline
Germany’s largest power producer RWE has agreed to buy Con Edison’s Clean Energy Businesses for $6.8 billion, nearly doubling RWE’s renewables portfolio in the United States, the world’s second-biggest renewables market.
The transaction will nearly double RWE’s U.S. renewables portfolio to more than 7 gigawatts and grow its regional project pipeline by 7 GW to more than 24 GW. “I am delighted that QIA is supporting RWE’s accelerated growth ambitions with their capital commitment,” Krebber added in a statement released late on Saturday.
Activist energy fund Enkraft Capital, which owns 0.15% of RWE, said it was “incomprehensible” how RWE could spend 7 billion euros on an M&A deal in the U.S. “amidst the biggest energy crisis Germany has ever seen.”