Qatar Investment Authority invests $2.43bn to accelerate RWE’s green energy strategy 

Qatar Investment Authority invests $2.43bn to accelerate RWE’s green energy strategy 

RIYADH: The Qatar Investment Authority has agreed to invest $2.43 billion in Germany’s largest power producer RWE AG, to help it buy US firm Con Edison Inc’s Clean Energy Businesses subsidiary for $6.8 billion. According to a Reuters report, RWE will issue a mandatory convertible bond to a QIA subsidiary, through which Qatar’s sovereign wealth fund will become a 9.1 percent shareholder in RWE. By acquiring Con Edison’s Clean Energy Businesses, RWE is expected to become one of the major players in the US renewable energy sector. The transaction will nearly double RWE’s US renewables portfolio to more than 7 gigawatts and grow its regional project pipeline by 7 GW to more than 24 GW. Following the takeover, solar will account for 40 percent of RWE‘s US portfolio, up from 3 percent now, according to presentation slides. “Our equity capital measure is the basis for financing the acquisition of Con Edison CEB and of the additional green growth in the years to come,” RWE Chief Executive Markus Krebber said in a statement late on Saturday. He added: “I am delighted that the QIA is supporting RWE’s accelerated growth ambitions with their capital commitment.” The deal, the biggest for RWE since