Qatar Investment Authority invests $2.43bn to accelerate RWE’s green energy strategy
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. This venture means the German company 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. This is a great step in the renewable energy market and Qatar’s involvement cements their support for renewable energy initiatives.