AGL 38.89 Increased By ▲ 0.87 (2.29%)
AIRLINK 206.47 Increased By ▲ 9.11 (4.62%)
BOP 9.50 Decreased By ▼ -0.04 (-0.42%)
CNERGY 6.02 Increased By ▲ 0.11 (1.86%)
DCL 9.00 Increased By ▲ 0.18 (2.04%)
DFML 37.30 Increased By ▲ 1.56 (4.36%)
DGKC 96.85 Decreased By ▼ -0.01 (-0.01%)
FCCL 35.25 No Change ▼ 0.00 (0%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.55 Increased By ▲ 0.38 (2.89%)
HUBC 128.40 Increased By ▲ 0.85 (0.67%)
HUMNL 13.70 Increased By ▲ 0.20 (1.48%)
KEL 5.39 Increased By ▲ 0.07 (1.32%)
KOSM 7.14 Increased By ▲ 0.14 (2%)
MLCF 43.95 Decreased By ▼ -0.75 (-1.68%)
NBP 60.39 Decreased By ▼ -1.03 (-1.68%)
OGDC 215.86 Increased By ▲ 1.19 (0.55%)
PAEL 40.60 Increased By ▲ 1.81 (4.67%)
PIBTL 8.37 Increased By ▲ 0.12 (1.45%)
PPL 194.47 Increased By ▲ 1.39 (0.72%)
PRL 39.27 Increased By ▲ 0.61 (1.58%)
PTC 26.70 Increased By ▲ 0.90 (3.49%)
SEARL 106.50 Increased By ▲ 2.90 (2.8%)
TELE 8.61 Increased By ▲ 0.31 (3.73%)
TOMCL 36.10 Increased By ▲ 1.10 (3.14%)
TPLP 13.80 Increased By ▲ 0.50 (3.76%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 32.95 Decreased By ▼ -0.02 (-0.06%)
WTL 1.66 Increased By ▲ 0.06 (3.75%)
BR100 11,922 Increased By 195.1 (1.66%)
BR30 36,781 Increased By 404.5 (1.11%)
KSE100 111,713 Increased By 2199.7 (2.01%)
KSE30 35,216 Increased By 702.2 (2.03%)

BERLIN: German energy firm RWE AG said Saturday it had signed a purchase agreement for the Clean Energy Business affiliate of New York-based Con Edison, a deal valued at $6.8 billion that would significantly boost its US renewables portfolio.

RWE is one of Germany’s main energy providers, with production historically linked to coal, which placed it among the country’s largest CO2 polluters. The group has accelerated its diversification into renewables in recent years.

In a statement, RWE said the transaction almost doubles the company’s renewables portfolio in the United States and, once completed, will make it “the number 4 renewable energy company and the second largest solar operator” in that country.

Con Edison’s clean energy division “is a leading operator and developer of renewable energy plants in the United States, with about three gigawatts (GW) of operating capacity, thereof 90 percent in solar energy, and a strong development pipeline of more than seven GW”, RWE said.

Marcus Krebber, the German firm’s CEO, said the deal was a “major boost” for RWE’s green energy expansion.

“The unique combination of complementary portfolios in onshore wind, solar and batteries creates one of the leading renewable companies in the US market,” he said in a statement.

RWE is targeting carbon neutrality by 2040.

Comments

Comments are closed.