Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, is 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 under 10% of RWE’s existing share capital (and approximately 9.09% of the enlarged share capital post-conversion).
The proceeds of the bond will be applied towards RWE’s acquisition of Con Edison Clean Energy Businesses. RWE has signed an agreement with Con Edison to acquire all of their shares in a $6.8 billion deal.
“I am delighted that Qatar Investment Authority is supporting RWE’s accelerated growth ambitions through this investment. This further demonstrates our commitment to being 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,” Markus Krebber, CEO of RWE AG, said.
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