RWE has agreed to acquire US utility Con Edison's clean energy businesses, in a multi-billion dollar deal set to swell the German company’s renewable energy portfolio.
New York state-headquartered Con Edison has about 3GW of operating renewables capacity – 11% onshore wind – and is also developing 7.3GW of projects – though onshore wind only accounts for 2% of this pipeline. The deal also includes about 500 employees.
The two companies have agreed on a purchase price based on an enterprise value of $6.8 billion, they stated.
RWE CEO Markus Krebber said: “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.”