RWE launches 8-GW clean energy business in US

German energy major RWE AG (ETR:RWE) on Wednesday launched a US-based subsidiary created through a deal with Consolidated Edison Inc (NYSE:ED), forming a gigawatt-scale platform that it says will be the country’s second-largest owner and operator of solar parks.

Dubbed RWE Clean Energy LLC, the company will own 8 GW of renewable energy assets and a development pipeline exceeding 24 GW, RWE said upon closing the purchase for Con Edison’s clean energy operations. The newly-created entity will own onshore wind, solar and battery storage capacity and hold seabed leases with 3.9 GW of offshore wind turbine potential off New York Bight and California.

Mark Noyes has been appointed as RWE Clean Energy’s CEO, effective March 1. Members of the former top leadership teams of RWE Renewables Americas and Con Edison CEB are forming the firm's executive management team.

RWE agreed to buy New York-based Con Edison Clean Energy Businesses Inc (Con Edison CEB), an operator and developer of renewable energy plants in the US, in October last year for USD 6.8 billion (EUR 6.4bn). The deal, financed with debt and equity, is aligned with the German group’s strategy to spur investments as part of its Growing Green strategy and backs its 2040 carbon neutrality target.

"With the creation of RWE Clean Energy, we are significantly stepping up RWE's presence in the US, one of the most attractive and fastest growing markets for renewable energy in the world," said Markus Krebber, CEO of RWE.

(USD 1.0 = EUR 0.940)

Choose your newsletter by Renewables Now. Join for free!