December 9, 2022

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Energy giant RWE buys renewable operator for NOK 74 billion - E24

Energy giant RWE buys renewable operator for NOK 74 billion – E24

German RWE’s purchase of Con Edison Clean Energy nearly doubles its previous renewable energy portfolio in the United States.

The gas shortage has caused German energy giant RWE to restart three units at its Neurath and Niederaussem lignite power plants. Now it is also buying into the renewable energy sector.
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The acquisition of Con Edison Clean Energy is an important “boost” for RWE’s green expansion in the USA, one of the most attractive and fastest growing markets for renewable energy, comments Marcus Kreiber, CEO of RWE at message About the signed purchase agreement.

The amount that the German energy producer will have to pay is 6.8 billion dollars, which is equivalent to 74 billion kroner.

A unique portfolio of complementary portfolios in wind, solar, and marine batteries has created one of the leaders in renewable energy in the U.S. market, says Krepper.

The transaction is expected to be completed in the first half of 2023. It will nearly double RWE’s renewable portfolio in the United States to more than seven gigawatts of operating assets, it is reported.

Con Edison Clean Energy is based in New York and has about three gigawatts of operating capacity, 90% of which is in solar power, RWE wrote in the letter. The renewable energy company has 500 employees, and a total of 1,400 employees in the US renewable energy region will work at RWE after purchase.

Earlier this week, it was announced that RWE decided to restart three coal-fired power plants due to the energy crisis in Europe.

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Germany previously decided to phase out coal power by 2038, and the power industry has set its plans accordingly.

But over the past year, Russia’s cut in gas exports has led to gas shortages in Europe and soaring energy prices, which means Germany has to rethink its energy supplies.