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Friday, October 7, 2022
RWE agrees to acquire Con Edison Clean Energy Businesses, Inc. and to become one of the top leading renewable energy companies in the United States.
RWE AG, one of the world’s leading renewable energy companies, signed a purchase agreement with Con Edison, Inc. to acquire all shares in Con Edison Clean Energy Businesses, Inc. (Con Edison CEB). Headquartered in Valhalla, New York, Con Edison CEB is a leading operator and developer of renewable energy plants in the United States, with about 3 gigawatts (GW) of operating capacity, thereof 90% in solar energy, and a strong development pipeline of more than 7 GW.
“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. 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,” commented Markus Krebber, CEO of RWE AG.
The transaction marks a milestone in RWE’s growth ambitions in the United States. Once completed, this will make RWE the number 4 renewable energy company and the second largest solar operator in the United States, one of the largest and fastest growing markets for renewable energy globally. The Inflation Reduction Act sets a stable and reliable 10-year framework for investments in clean energy.
For more details on the transaction and forward looking implication on the transaction, visit RWE here.
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