RWE signs $6.8bn deal to acquire Con Edison’s renewable energy unit

RWE AG, a German renewable energy company, has signed a deal worth $6.8 billion to acquire Con Edison Clean Energy Businesses (Con Edison CEB) from American electricity and gas utility Con Edison, Inc.

Con Edison Clean Energy Businesses, which is based in New York, has nearly 3GW of operating renewable energy capacity in the US. Of this, 90% is solar power generation.

The American renewable energy company also has a development pipeline of over 7GW.

Timothy P. Cawley — Con Edison Chairman and CEO said: “The transaction we announced today will allow Con Edison to sharply focus on our core utility businesses and the investments needed to lead New York’s ambitious clean energy transition.

“RWE, in turn, is well positioned to accelerate the growth of renewable energy across the United States.”

RWE signs $6.8bn deal to acquire Con Edison Clean Energy Businesses, the renewable energy unit of Con Edison. Photo courtesy of RWE.

The German renewable energy company said that the deal nearly doubles its renewables portfolio in the US to over 7GW of operating assets. It is also said to considerably ramp up the company’s project pipeline in the US to over 24GW in onshore wind, solar, and batteries.

Markus Krebber — RWE AG CEO said: “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. 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.”

The closing of the deal, which is subject to regulatory approvals, is likely to occur in the first half of 2023.