RWE has agreed to purchase Con Edison’s renewables enterprise for $6.8 billion. The mixed portfolio nearly doubles RWE’s working belongings in the USA to 7.2 GW, making it the fourth-largest renewables firm and the second-largest US photo voltaic operator.
From pv magazine USA
Consolidated Edison has entered into a purchase order and sale settlement to promote its wholly owned subsidiary, Con Edison Clear Vitality Companies (CEB) and its subsidiaries to RWE Renewables Americas, a unit of RWE Aktiengesellschaft. The transaction is valued at $6.8 billion.
Con Edison CEB is an operator and developer of renewable vitality vegetation, with a improvement pipeline of greater than 7 GW. Timothy P. Cawley, the chairman and CEO of Con Edison, stated that the transaction will allow the corporate to deal with its core utility companies. “RWE, in flip, is nicely positioned to speed up the expansion of renewable vitality throughout the USA.”
RWE, a pacesetter in renewable era, has operations all through the USA, Europe and the Asia-Pacific area. The mixed portfolio practically doubles RWE’s working belongings in the USA to 7.2 GW, making it the fourth largest renewable vitality firm and the second largest photo voltaic operator in the USA. The mixed venture pipeline contains greater than 24 GW in onshore wind, photo voltaic and batteries. And RWE plans to maintain on rising, with deliberate enlargement of its world offshore wind actions in the USA.
“The acquisition of Con Edison Clear Vitality Companies is a significant enhance for RWE’s inexperienced enlargement in the USA, one of the engaging and quickest rising markets for renewable vitality. The distinctive mixture of complementary portfolios in onshore wind, photo voltaic and batteries creates one of many main renewable firms within the U.S. market,” stated Markus Krebber, CEO of RWE AG. “The mixed improvement pipeline, one of many largest within the U.S., supplies large alternatives for sustainable and worth accretive development, backed by a powerful monetary place. I’m more than happy to welcome about 500 new colleagues. Collectively, we’ll type a strong RWE crew, strongly dedicated to contribute to the worldwide vitality transition.”
Consolidated Edison, Inc. will proceed to function as an investor-owned energy-delivery firm, offering a variety of energy-related services to its prospects by means of the next subsidiaries: Consolidated Edison Firm of New York, Inc., Con Edison Transmission, Inc., Consolidated Edison Transmission, LLC, and Con Edison Gasoline Pipeline and Storage, LLC.
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