- Consolidated Edison, Inc. (NYSE: ED) announced it entered into an agreement pursuant to which Con Edison agreed to sell its interest in its wholly-owned subsidiary Con Edison Clean Energy Businesses, Inc. and its subsidiaries to RWE Renewables Americas, LLC, a subsidiary of RWE Aktiengesellschaft (RWE) for $6.8 billion. This is why.
Consolidated Edison, Inc. (NYSE: ED) announced it entered into an agreement pursuant to which Con Edison agreed to sell its interest in its wholly-owned subsidiary Con Edison Clean Energy Businesses, Inc. and its subsidiaries to RWE Renewables Americas, LLC, a subsidiary of RWE Aktiengesellschaft (RWE) for $6.8 billion. The deal is subject to customary closing conditions. This transaction is not subject to a financing condition and it is expected to close in the first half of 2023.
In light of the pending transaction, Con Edison plans to forego its previously announced plan to issue up to $850 million of common equity in 2022 and withdraws its equity guidance for 2023 and 2024.
KEY QUOTE:
“The transaction we announced today will allow Con Edison to sharply focus on our core utility businesses and the investments needed to lead New York’s ambitious clean energy transition. RWE, in turn, is well positioned to accelerate the growth of renewable energy across the United States.”
“We will continue to advocate for state approval of utility-owned renewable generation for the benefit of our customers and all New Yorkers. We remain confident in New York, and in our ability to meet the needs of the clean energy future, while maintaining a safe, cost-effective system that delivers world class reliability for our customers.”
— Timothy P. Cawley, Chairman and Chief Executive Officer of Con Edison
