Foley & Lardner LLP served as co-counsel for RWE AG (RWE), a leading renewable energy company, in its recent purchase agreement with Con Edison, Inc., for all shares in Con Edison Clean Energy Businesses, Inc. (CEB), a leading operator and developer of renewable energy projects in the U.S., for a purchase price based on an enterprise value of $6.8 billion.
Once completed, the transaction will nearly double RWE’s renewables operating portfolio in the U.S., one of the largest and fastest-growing markets for renewable energy globally. Closing is expected to take place in the first half of 2023.
CEB is a major player in the U.S. renewable space, with about 3 gigawatts (GW) of operating capacity, thereof 90% in solar energy, and a strong development pipeline of more than 7 GW. The companies’ combined portfolios will make RWE the fourth-largest renewable energy company and second-largest solar operator in the U.S.
The Foley deal team advising RWE on the transaction was led by Partner Larry Bonney and included Senior Counsel Daniel Pieringer, Associates Christopher Duda, Kristin Johnson, Nicholas Benson and Tara Dobbs, and Of Counsel Benjamin Levin (real estate); Of Counsel Thomas Mullooly and Associate Amanda Soler (state energy regulatory); Partner Sarah Slack and Associate Hillary Vedvig (environmental and local permitting); Partners John Dunlap and Adam Schurle, and Associate Bryan Dworak (tax equity); and Partner Jason Allen (transactional).
German law firm Hengeler Mueller and U.S. law firms Cravath, Swaine & Moore LLP and Steptoe & Johnson LLP also advised RWE on the transaction.