UAE In-Focus — Dubai Metaverse Strategy aims to create 40,000 jobs; Egis completes WME acquisition

UAE In-Focus — Dubai Metaverse Strategy aims to create 40,000 jobs; Egis completes WME acquisition
UAE In-Focus — Dubai Metaverse Strategy aims to create 40,000 jobs; Egis completes WME acquisition

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Jeddah - Yasmine El Tohamy - 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 the breakup of former division Innogy announced in 2018, will be earnings accretive right away, giving RWE additional core earnings of $600 million a year.

Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, said that the fund is proud to support RWE’s vision to become a leader in the global renewable energy market.

“QIA is actively investing in companies that can have a positive impact on society and shape the future of sustainability by making the energy transition a reality,” he added.

The deal comes nearly a year after RWE fleshed out its global renewables roadmap, which includes $49 billion of gross investments by 2030, with 15 billion earmarked for the US.

The transaction, which is expected to close in the first half of 2023, will make RWE the fourth-largest renewables player in the US market.

The deal plays a key role in the company’s green expansion, though still far behind the largest player NextEra with some 58 GW of generating capacity. 

Barclays and Latham and Watkins advised Con Edison on the deal.

(With input from Reuters) 

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