RWE has agreed to acquire Con Edison Clean Energy Businesses in a transaction that almost doubles the company’s renewables portfolio in the US.
Through the purchase, RWE will add the Con Edison subsidiary’s with about 3GW of operating capacity, of which 90% are solar projects, and a development pipeline of more than 7GW.
Once completed, this will make RWE the fourth biggest renewable energy company and the second largest solar operator in the US.
Combining RWE’s and Con Edison CEB’s highly complementary portfolios almost doubles RWE’s operating asset base in the US to 7.2GW.
The purchase price is based on an enterprise value of $6.8bn, with earnings accretive acquisition increasing EBITDA by around $600 million from year one onward.
At the same time, RWE’s US presence becomes more widely spread across the vast majority of US states. The unique combination of both businesses also leads to a balanced portfolio across onshore wind, solar and batteries.
A combined project pipeline of more than 24GW in onshore wind, solar and batteries provides one of the largest development platforms for renewable energy in the US.