RWE buys Con Edison Clean Energy for $6.8 bn

RWE energy business

RWE has closed the acquisition of Con Edison Clean Energy Businesses, for an enterprise value of $6.8 billion.

RWE is becoming the number four renewable energy company in the U.S. and the country’s second largest solar owner and operator.

The new company RWE Clean Energy is set to drive RWE’s growth in the U.S. in onshore wind, solar energy and battery storage.

RWE Clean Energy operates  8 gigawatts (GW) of renewable energy projects and has a development platform of more than 24 GW, one of the largest in the U.S. RWE has about 1,500 employees in the United States.

RWE Clean Energy has appointed Mark Noyes as CEO, Ingmar Ritzenhofen as CFO, Andrew Flanagan as CDO (Chief Development Officer) and Akshaya Bhargava as COO (Chief Operating Officer).

RWE Clean Energy operates a portfolio of renewable energy projects of about 8 GW installed capacity, with about 60 percent in onshore wind and about 40 percent in solar. The company’s growth plans are backed by a project pipeline of more than 24 GW in onshore wind, solar and battery storage.

In addition to RWE Clean Energy’s growth objectives, RWE is also expanding its global offshore wind activities in the U.S. Through two offshore wind lease auctions in 2022, namely in the New York Bight and the California auctions, RWE has secured sites with the potential to host a total of about 3.9 GW (pro rata RWE) installed capacity in offshore wind.

Growth from the acquisition of Con Edison CEB will come on top of RWE’s already existing expansion plans for the U.S. RWE had already earmarked up to EUR 15 billion gross for investments in the U.S. as part of its Growing Green strategy, which foresees global investments of more than EUR 50 billion gross in its green portfolio by 2030.