Photo: 李大毛 没有猫 on Unsplash
Following two major acquisitions, Germany-based RWE said it became the number four renewable energy company in the United States and the country’s second-largest solar owner and operator, as well as one of the top three solar developers in the United Kingdom.
German energy giant RWE announced that it completed the takeover of Con Edison Clean Energy Businesses in the US and that it agreed to acquire British firm JBM Solar. According to the company, the two purchases made it a top-tier investor in renewable energy and solar power in the two countries.
Con Edison CEB was bought from Consolidated Edison at a price based on an enterprise value of USD 6.8 billion. Qatar Investment Authority (QIA) is financing a part of the transaction and investment in growth via a convertible bond, which is set to be converted to ordinary bearer shares representing 9.09% of RWE’s share capital.
US subsidiary to focus on onshore wind, solar energy, battery storage
The transaction makes RWE the number four renewable energy company in the US and the country’s second-largest solar owner and operator, with business activities spanning across the majority of US states, the statement adds.
The newly created company, called RWE Clean Energy, will focus on onshore wind, solar energy and battery storage, RWE revealed. It operates a portfolio of 8 GW, of which three fifths are in onshore wind and the rest are photovoltaics, the utility said. The subsidiary has a development platform of more than 24 GW, one of the largest in the US, it pointed out.
JBM Solar brings 6.1 GW British project pipeline to RWE
RWE, the UK’s largest power generator and one of the largest renewables developers, said it has significantly expanded its solar and battery capabilities by acquiring JBM Solar from Susgen. It is taking over a mature pipeline with a combined capacity of around 6.1 GW in connection capacity, split into 3.8 GW of solar and 2.3 GW, in alternating current terms, of battery storage projects.
Most of the sites are in the central and southern regions of England and a large proportion already has grid connections and land secured. A number of projects are ready for final investment decision, with secured planning approvals. It means the first solar and battery storage projects could become operational by the end of 2024, RWE said.
The company has more than 2.6 GW in total wind power capacity in the country, consisting of 10 offshore and 33 onshore wind farms. More offshore wind projects are under construction and development, RWE underscored and added that it plans commercial-scale floating wind farms, including in the Celtic Sea.
The German utility is also active in the coal and gas sectors, hydrogen and nuclear energy.
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