RWE Completes Acquisition of Con Edison’s Renewables Business

RWE AG has closed its acquisition of Con Edison Clean Energy Businesses Inc., making RWE the number-four renewable energy company in the U.S. and the country’s second largest solar owner and operator, the company says.

The newly created company is called RWE Clean Energy LLC (RWE Clean Energy). The company operates a portfolio of 8 GW of renewable energy projects and has a development platform of more than 24 GW, one of the largest in the U.S. With more than 15 years of experience in the renewable energy business and a track record in developing, constructing and operating renewable energy facilities, the RWE team in the U.S. – about 1,500 employees – is “fully committed to forging ahead with the clean energy transition,” the company says.

Mark Noyes has been appointed CEO of RWE Clean Energy. The executive management team includes Ingmar Ritzenhofen (CFO), Andrew Flanagan as (chief development officer) and Akshaya Bhargava (COO).

“From today forward, RWE is a top tier company for renewable energy in the United States,” says Markus Krebber, CEO of RWE AG. “With the creation of RWE Clean Energy, we are significantly stepping up RWE’s presence in the U.S., 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.”

RWE Clean Energy’s portfolio comprises about 60% onshore wind and 40% solar. Expansion will come in the onshore wind, solar, battery storage and offshore wind sectors.