RWE sets itself more ambitious climate targets – CO₂ reductions now in line with 1.5-degree path
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QIA (Qatar Investment Authority), the sovereign wealth fund of the State of Qatar, has today agreed to invest EUR 2,427.6 million in RWE AG (RWE) to support RWE’s accelerated ‘Growing Green’ strategy.
RWE will issue a mandatory convertible bond to a subsidiary of QIA. The bond will be converted into new ordinary bearer shares expected to represent just under 10% of RWE’s existing share capital (and approximately 9.09% of the enlarged share capital post conversion).
The proceeds of the mandatory convertible bond will be applied towards the acquisition of Con Edison Clean Energy Businesses, which will position RWE as one of the leading renewable energy companies in the U.S.
Markus Krebber, CEO of RWE AG: “I am delighted that QIA is supporting RWE’s accelerated growth ambitions through this investment. This further demonstrates our commitment to be one of the world’s leading drivers of the global energy transition. QIA‘s long-term capital commitment enables RWE to finance the acquisition of Con Edison Clean Energy Businesses and hence will drive our additional green growth in the years to come.”
Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, said: “We are 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 energy transition a reality.”