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RWE to Buy Con Edison Unit for $6.8 Billion With Qatar Backing

Oct. 2, 2022, 7:33 PM

RWE AG agreed to pay $6.8 billion for Consolidated Edison Inc.’s renewable energy assets in one of the biggest-ever green deals in the US, sparking criticism that Germany’s largest utility should be focusing instead on its domestic business.

The deal announced Saturday will almost double RWE’s renewables portfolio in the US to more than 7 gigawatts. The transaction will be backed by a 2.43 billion euro ($2.38 billion) investment in RWE by the Qatar Investment Authority, which becomes a major shareholder in the German utility with a 9.09% stake.

RWE has been benefiting from the market turmoil in Europe’s ...