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Green Giants

Record deal for U.S. renewables thanks to Germany, Qatar

Thanks in large part to energy capital supplied by companies in Germany and Qatar, NYC utility ConEdison is said to have a $6.8 billion deal on the table for its renewable assets.

The agreement with RWE renewables (Germany) was announced October 1, and will apply to all of ComEdison's solar and wind parks. The company has an active program for residential solar with New York City and Westchester County. Beyond that, its website says: "We expanded into the wind business with the 75-MW Broken Bow II wind farm in Nebraska, and the 95-MW Campbell County Wind Farm in South Dakota. To generate electricity, large blades are used to catch wind and spin turbines." The Broken Bow site is pictured here:

In light of the pending transaction, the energy company said it intends to forego its previously announced plan to issue up to $850 million of common equity in 2022 and withdraws its equity guidance for 2023 and 2024.

“The transaction we announced today will allow Con Edison to sharply focus on our core utility businesses and the investments needed to lead New York’s ambitious clean energy transition," said Timothy P. Cawley, Chairman and Chief Executive Officer of Con Edison. “RWE, in turn, is well positioned to accelerate the growth of renewable energy across the United States.”

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