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Tech & Science Energy Group: RWE is the second largest solar system operator in USA-with Qatars Aid

13:11  03 october  2022
13:11  03 october  2022 Source:   wiwo.de

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RWE-Vorstandsvorsitzender Markus Krebber auf der RWE Bilanzpressekonferenz Foto: imago imageshttp://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA12wL0P.img?h=152&w=270&m=6&q=60&o=f&l=f&x=111&y=70 © provided by Wirtschaftswoche RWE CEO Markus Krebber at RWE Balance press conference Photo: Imago imagesdata-copyright =

RWE buys the US solar system operator con edison clean Energy for $ 6.8 billion. Katar's state fund QIA contributes 2.4 billion euros - and thus rises to RWE's largest shareholder.

RWE is strengthening its business with renewable energies in the United States with an almost seven billion euro purchase. The energy group buys the regional supplier Con Edison from New York from the solar system developer and operator Con Edison Clean Energy Businesses, as announced in Essen on Saturday evening. With the $ 6.8 billion (6.9 billion euros)- including debts- comprehensive takeover, RWE almost doubles its stock of wind, solar and battery storage facilities in the USA and now comes to an installed output of 7 , 2 gigawatts (GW).

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for RWE it is the biggest takeover since Innogy was split off in 2018. In terms of financing, the Essen Group receives support from the Katar State Fund. This draws a compulsory change bond, which is 2.43 billion euros. This means that Qia can start with a good nine percent with RWE and rise to its greatest shareholder. The golf state is already involved in Deutsche Bank, Volkswagen and Porsche in Germany.

"The takeover of con Edison Clean Energy Businesses means an enormous thrust for the green expansion of RWE in the USA, one of the most attractive and fastest growing markets for renewable energies," said CEO Markus Krebber. In this way, RWE in the USA becomes number two among the operators of solar systems and number four with renewable energies as a whole. The distance to number one, Nextera, which comes up with an installed performance of 58 gigawatts, is large.

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around 90 percent of the installed capacity of three GW at Con Edison Clean Energy consists of solar systems. RWE thus screwed the solar content in its portfolio to 40 out of three percent. In addition, according to RWE, there is a development pipeline of another seven GW, which the group's project pipeline will grow there on 24 GW.

Germany wants to switch its energy supply to renewable energies, but is currently fighting with the failure of gas deliveries from Russia. Gas should serve as a bridge technology according to the end of coal and nuclear power. Against this background, the activist RWE shareholder Enkraft criticized the step: “It is completely incomprehensible that the largest German energy supplier in the largest energy crisis in Germany is carrying out a seven billion euros in the USA. In Germany, electricity customers no longer know how to pay electricity prices, and Mr. Krebber goes shopping with the high profits in the USA. ”Enkraft holds 0.15 percent of RWE.

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With the implementation of the takeover, RWE expects RWE in the first half of 2023. Con Edison Clean Energy should contribute an operational result (EBITDA) of $ 600 million to win from RWE in the first year. The group had already planned 15 billion euros for investments in “green energies” in the United States. "I am pleased that Qia supports the ambitions of RWE to grow faster and stronger with additional equity," said Krebber. RWE wants to finance the part of the purchase price that Qia does not bear with loans. The dividend of 90 cents per share planned for 2022 should not be shaken.

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