Dhe energy company RWE takes over the US solar specialists “Con Edison Clean Energy Businesses”. The US company operates and develops solar systems and storage systems. The group is valued in the transaction at 6.8 billion US dollars (around 6.9 billion euros).
The multi-billion dollar acquisition will make Qatar’s sovereign wealth fund by far the largest shareholder in the country Essenes Dax group. RWE initially wants to use a bridging loan for the takeover. This is to be partially refinanced by issuing a mandatory convertible bond with a total nominal value of almost EUR 2.5 billion and a term of up to one year.
The paper will be subscribed to by Qatar Holding, a wholly owned subsidiary of Qatar Investment Authority, the sovereign wealth fund of the Arab Emirate of Qatar. The bond will be converted into new bearer shares in RWE Aktiengesellschaft, which are expected to correspond to almost ten percent of the current share capital.
With the takeover, RWE is expanding its global portfolio in the field of renewable energies as a whole and at the same time diversifying the portfolio from a technological point of view. In addition, RWE is strengthening its US business.