RWE has signed a purchase agreement with Con Edison Inc. to acquire all shares in Con Edison Clean Energy Businesses, Inc. Headquartered in New York, Con Edison CEB is a prominent operator and developer of renewable energy plants in the United States, with about 3 GW of operating capacity, 90% of it in solar energy, and a strong development pipeline of more than 7 GW.
The transaction marks a milestone in RWE’s growth ambitions in the United States. The deal 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 USA’s recently passed Inflation Reduction Act sets a stable and reliable 10-year framework for investments in clean energy.
The two companies’ combined project pipeline of more than 24 GW in onshore wind, solar and batteries comprises one of the largest development platforms for renewable energy in the USA. RWE is also going ahead with the expansion of its global offshore wind activities in the United States. It had already earmarked up to €15 billion gross for investment in the USA as part of its ‘Growing Green’ strategy, which envisages global investments of €50 billion gross by 2030.
Closing of the transaction is subject to customary regulatory approvals and is expected to take place in the first half of 2023.