RWE said the acquisition would add some $600 million in earnings before interest, tax, depreciation and amortization (EBITDA) to its annual results.
It would also double RWE’s renewable energy portfolio in the United States to more than 7 gigawatts of operational assets, and increase its project pipeline in that country to more than 24 GW of onshore wind energy. , solar and batteries.
RWE said the deal, which would bring the number of renewable energy experts it has in the United States to 1,400, would make it the fourth largest renewable energy company in the United States and its second largest solar operator.
“The acquisition of Con Edison Clean Energy Businesses is a major boost for RWE’s green expansion into the United States, one of the most attractive and fastest growing markets for renewable energy,” said Markus Krebber. , CEO of RWE.
RWE said the transaction would be financed by issuing a mandatory convertible bond of 2.4 billion euros ($2.35 billion) to a subsidiary of the Qatar Investment Authority.
This would eventually become shares representing just under 10% of RWE’s share capital. Its plans for a dividend of 0.90 euros per share remain unchanged, RWE added. (1 dollar = 1.0205 euro) (Report by Thomas Escritt; Editing by Alexander Smith and Jonathan Oatis)