Business
Con Edison sells U.S. renewable energy units to RWE in $6.8 billion deal (NYSE:ED)
Consolidated Edison (NYSE:ED) announced on Saturday it agree to sell Its wholly owned Con Edison Clean Energy Co., Ltd. to the German company RWE (OTCPK: RWEOY) in a $6.8 billion transaction.
Con Edison (ED) said the deal would allow it to be “strong focuses on our core utility businesses and the investments needed to lead New York’s ambitious clean energy transition. “
RWE (OTCPK: RWEOY) indicates that the acquisition will almost double its renewable energy portfolio in the US to more than 7 GW.
Under the pending agreement, Con Edison (ED) said it would abandon its plan to issue up to $850 million in common equity in 2022 and withdraw its equity guidance for 2023 and 2024.