German energy giant RWE AG has expanded and strengthened its presence in the UK renewable energy market acquiring JBM Solar with its 6.1 GW AC strong pipeline of solar and storage projects, while also completing the acquisition of Con Edison Clean Energy's businesses in the US.
UK based independent developer of solar and battery energy storage systems, JBM Solar comes to RWE fold from local renewables investor Susgen with its mature pipeline of 6.1 GW AC split into 3.8 GW AC solar and 2.3 GW AC storage projects, spread mostly in central and southern regions of England. Most of these have secured grid connections and land.
Initial projects in this pipeline are expected to come online by the end of 2024. RWE says it expects about 450 MW AC to be commissioned on an average annually from this pipeline.
Calling itself the largest power generator in the UK, RWE said this acquisition will accelerate its solar development in one of the company's core markets.
"We are already well positioned in offshore and onshore wind in the UK. Now we are significantly strengthening our renewables business by adding this already very advanced solar and battery pipeline," said CEO Onshore Wind and Solar Europe & Australia of RWE Renewables, Katja Wünschel. "The combined development pipeline, one of the largest in the UK, provides tremendous opportunities for sustainable and value accretive growth."
In another part of the world, in the US, RWE has completed the acquisition of Con Edison Clean Energy Businesses (Con Edison CEB) from Consolidated Edison, Inc, thereby increasing its renewables portfolio in the country to 8 GW operational assets. The company has also increased its total development portfolio to over 24 GW. The purchase price is based on an enterprise value of $6.8 billion.
With the acquisition, RWE management has put together all its clean energy business from RWE Renewables Americas and Con Edison CEB under a single entity calling it RWE Clean Energy, LLC. It will be focused on the development of onshore wind, solar energy and battery storage in the US and will also be investing in emerging areas as hydrogen in the future.
RWE management stated, "The US plays a key role in RWE's strategy to grow its renewables business and to become carbon neutral by 2040."
RWE Clean Energy is headed by CEO Mark Noyes, CFO Ingmar Ritzenhofen, Chief Development Officer (CDO) Andrew Flanagan, and COO Akshaya Bhargava.
It has previously announced plans to make this move to acquire Con Edison CEB back in October 2022 (see RWE To Take Over Con Edison's Clean Energy Business).