RWE, a German energy company, announced Wednesday it has closed its $6.8 billion acquisition of Con Edison Clean Energy Businesses.
The new company, RWE Clean Energy, now operates a portfolio of renewable energy projects of about 8 GW in the U.S., with about 60% in onshore wind and 40% in solar. Its growth plans are backed by a project pipeline of more than 24 GW in wind, solar, battery storage as well as secured seabed leases offering the potential of about 3.9 gigawatts in offshore wind, the company said.
“With the creation of RWE Clean Energy, we are significantly stepping up RWE’s presence in the U.S., one of the most attractive and fastest growing markets for renewable energy in the world,” said CEO Markus Krebber.
The deal, which was announced in October, has been approved by “all relevant authorities,” RWE said.
Mark Noyes, president and CEO of Con Edison Clean Energy Businesses, which included the subsidiaries Con Edison Development, Con Edison Energy and Con Edison Solutions, was appointed CEO of RWE Clean Energy.
RWE said it’s expanding its global offshore wind activities. In two offshore wind lease auctions in 2022 — the New York Bight and California auctions — RWE said it secured sites with the potential to host about 3.9 GW of installed capacity in offshore wind.
Growth from the acquisition of Con Edison Clean Energy Businesses adds to RWE’s expansion plans for the U.S. The company said it intends to spend up to EUR 15 billion gross for investments in the U.S. as part of its Growing Green strategy. It expects global investments of more than EUR 50 billion gross in its green portfolio by 2030.
Timothy Cawley, Con Edison’s chairman and CEO, said in October the sale will allow Con Edison to focus on its core utility businesses and investments “to lead New York’s ambitious clean energy transition.” The utility will continue to advocate for state approval of utility-owned renewable generation, he said.