RWE AG, one of the world’s leading renewable energy companies, signed a purchase agreement with Con Edison, Inc. to acquire all shares in Con Edison Clean Energy Businesses, Inc., (CEB) headquartered in Valhalla, New York. CEB is a leading operator and developer of renewable energy plants in the United States, with about 3 gigawatts (GW) of operating capacity, thereof 90% in solar energy, and a strong development pipeline of more than 7 GW. Once completed, the transaction will make RWE the number 4 renewable energy company and the second largest solar operator in the United States, one of the largest and fastest growing markets for renewable energy globally.
Closing of the transaction is subject to customary regulatory approvals and is expected to take place in the first half of 2023.
Hengeler Mueller advises RWE on the transaction. The team is led by partners Thomas Meurer and Martin Ulbrich (both Corporate/M&A, Düsseldorf) and includes associates Benedikt Mertens, Julia Redbrake (both Düsseldorf), Jennifer Zimmermann (Frankfurt) and Tobias Schilling (Berlin) (all Corporate/M&A).
Cravath, Swaine & Moore LLP (partner Aaron Gruber and team), Steptoe & Johnson LLP (partners Carol R. Gosain and Jennifer L. Key) and Foley & Lardner LLP (partners Adam Schurle and John T. Dunlap) advise on US aspects of the transaction.