German utility RWE deepens US renewables in-roads with seal set on $6.8bn ConEd buy-up

German power giant RWE has set the seal on its takeover of New York utility ConEdison’s clean energy business, taking its total pipeline in the US to 24GW of onshore wind, solar and battery storage, along with secured seabed leases representing a further potential 3.9GW of offshore wind.

The addition of 8GW in new assets, purchased for $6.8bn five months ago, catapults RWE’s American business unit forward to become the fourth biggest renewables developer in the country and the second largest solar operator, with projects distributed across most of the lower-48.

“The complementary perfect fit of the combined [RWE and ConEd Clean Energy] businesses, in terms of spirit, technologies and regional presence across the vast majority of US states, provides [us with] the platform to operate as one team from day one on and the support to make integration very smooth,” said Mark Noyes, CEO of RWE Clean Energy, as the combine has been rebadged.

“Together, we want to forge ahead with projects in established markets, but also in emerging markets like hydrogen, truly committed to making clean energy the number one energy source in the US.”

RWE AG CEO Markus Krebber stated: “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.

“With bringing together two strong teams and combining onshore wind with solar projects, we are setting the path to significantly grow our portfolio [of] renewable energy [projects] from coast to coast, enabling us to take a leading role in these important technologies, backed by a large development platform and a strong financial position.”

Noyes will be joined in the RWE Clean Energy executive boardroom by Ingmar Ritzenhofen as CFO, Andrew Flanagan as chief development officer, and Akshaya Bhargava as COO.