German vitality main RWE AG (ETR:RWE) on Wednesday launched a US-based subsidiary created by means of a cope with Consolidated Edison Inc (NYSE:ED), forming a gigawatt-scale platform that it says would be the nation’s second-largest proprietor and operator of photo voltaic parks.
Dubbed RWE Clear Vitality LLC, the corporate will personal 8 GW of renewable vitality belongings and a improvement pipeline exceeding 24 GW, RWE mentioned upon closing the buy for Con Edison’s clear vitality operations. The newly-created entity will personal onshore wind, photo voltaic and battery storage capability and maintain seabed leases with 3.9 GW of offshore wind turbine potential off New York Bight and California.
Mark Noyes has been appointed as RWE Clear Vitality’s CEO, efficient March 1. Members of the previous high management groups of RWE Renewables Americas and Con Edison CEB are forming the agency’s govt administration group.
RWE agreed to purchase New York-based Con Edison Clear Vitality Companies Inc (Con Edison CEB), an operator and developer of renewable vitality vegetation within the US, in October final yr for USD 6.8 billion (EUR 6.4bn). The deal, financed with debt and fairness, is aligned with the German group’s technique to spur investments as a part of its Rising Inexperienced technique and backs its 2040 carbon neutrality goal.
“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,” mentioned Markus Krebber, CEO of RWE.
(USD 1.0 = EUR 0.940)