RWE to acquire Con Edison’s clean energy business
The transaction is valued at $6.8 billion. The combined portfolio almost doubles RWE’s operating assets in the United States to 7.2 GW, making it the fourth largest renewable energy company and the second largest U.S. solar operator.
Consolidated Edison, Inc. has entered into a purchase and sale agreement to sell its wholly-owned subsidiary, Con Edison Clean Energy Businesses (CEB) and its subsidiaries to RWE Renewables Americas, LLC, a subsidiary of RWE Aktiengesellschaft, which is based in Essen, Germany. The transaction is valued at $6.8 billion.
Con Edison CEB is an operator and developer of renewable energy plants with about 3 GW of (about 90% in solar energy) and a strong development pipeline of more than 7 GW.
Timothy P. Cawley, chairman and CEO of Con Edison said that the transaction will enable the company to focus on its core utility businesses. “RWE, in turn, 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 nearly doubles 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 in onshore wind, solar and batteries. And RWE plans to keep on growing, with planned expansion of its global offshore wind activities in the United States.
“The acquisition of Con Edison 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 onshore wind, solar and batteries creates one of the leading renewable companies in the U.S. market,” said Markus Krebber, CEO of RWE AG. “The combined development pipeline, one of the largest in the U.S., provides tremendous opportunities for sustainable and value accretive growth, backed by a strong financial position. I am very pleased to welcome about 500 new colleagues. Together, we will form a powerful RWE team, strongly committed to contribute to the global energy transition.”
Consolidated Edison, Inc. will continue to operate as an investor-owned energy-delivery company, providing a wide range of 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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