Con Edison to sell U.S. renewable energy units to RWE in $6.8B deal

Oct. 01, 2022 6:43 PM ETConsolidated Edison, Inc. (ED), RWEOYBy: Carl Surran, SA News Editor77 Comments

Solar and wind power

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Consolidated Edison (NYSE:ED) announced Saturday it agreed to sell its wholly-owned Con Edison Clean Energy businesses to German utility RWE (OTCPK:RWEOY) in a transaction valued at $6.8B.

Con Edison (ED) said the deal will allow it to "sharply focus on our core utility businesses and the investments needed to lead New York's ambitious clean energy transition."

RWE (OTCPK:RWEOY) said the acquisition will nearly double its renewables portfolio in the U.S. to more than 7 GW.

In light of the pending deal, Con Edison (ED) said it will forego its previously announced plan to issue up to $850M of common equity in 2022 and withdraw its equity guidance for 2023 and 2024.

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