General – Acquisition
RWE signed a purchase agreement with Con Edison to acquire all shares in Con Edison Clean Energy Businesses.
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 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.
Combining RWE’s and Con Edison CEB’s highly complementary portfolios almost doubles RWE’s operating asset base in the U.S. to 7.2 GW. At the same time, RWE’s U.S. presence becomes more widely spread across the vast majority of U.S. states. The unique combination of both businesses also leads to a perfectly balanced portfolio across onshore wind, solar and batteries.
Con Edison CEB has a strong team of about 500 experts with a long and outstanding track record in developing, constructing and operating renewable energy projects. About 1,400 employees from both companies will form a high-performing team, fully committed to the green energy transition and stepping up RWE’s growth plans in the U.S. in the years to come.
RWE and Con Edison have agreed on a purchase price based on an enterprise value of USD 6.8 billion.