May 22, 2024

RWE Expands U.S. Portfolio with Multi-States Project

RWE Clean Energy, a subsidiary of the German utility company RWE, has broadened its presence in the US by acquiring a 599MW portfolio comprising three solar and battery energy storage system (BESS) projects. This expansion strengthens RWE’s renewable energy footprint in Idaho, Washington State, and New York. The assets were sold to RWE by Galehead Development, a greenfield development platform specializing in solar PV, energy storage, and wind power projects. The financial terms of the acquisitions were not disclosed.

RWE's Operations in the United States

RWE is the US renewable project subsidiary of German energy company, RWE Group. It was formerly known as Con Edison Clean Energy. RWE is a leading renewable energy company in the U.S., with a 15-year track record in developing, constructing, and operating renewable energy facilities. With a workforce of 2,000 individuals, RWE Clean Energy manages a 9 GW renewable energy portfolio, including onshore wind, solar, and battery storage, positioning it as the fourth-largest renewable energy company in the U.S. The recently completed acquisitions include two development-stage renewable projects within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York. These acquisitions which of consist of the Cedar Ridge, Remington and the Champlain Solar Project will enhance RWE's presence in these regions and contribute to meeting the increasing demand for clean, affordable energy.

Cedar Ridge Solar Project

The largest site is the 300MW Cedar Ridge solar PV project in Blaine County, Idaho, paired with a 150MW/600MWh four-hour duration battery energy storage system (BESS). Located within the PacifiCorp region, this asset will, according to RWE, help meet growing demand and provide regional grid support consistent with PacifiCorp’s resource planning forecasts. PacifiCorp, which operates in the Western US, outlined in its 2023 Integrated Resource Plan (IRP) its goal to install 20GW of solar and wind capacity across its markets by 2032.

Remington Solar Project

RWE also acquired the 199MW (796MWh) four-hour duration standalone BESS in Marion County, Oregon. Both Cedar Ridge and Remington expand RWE’s existing footprint in the Pacific Northwest of the US.

"RWE is thrilled to complete our first acquisitions with Galehead, especially the Remington and Cedar Ridge projects, which enable us to expand our presence in the Pacific Northwest market where there is a strong demand for affordable, clean energy." Hanson Wood, head of development for utility-scale renewables at RWE Clean Energy, stated.

Champlain Solar Project

The smallest of the three assets RWE acquired is the 100MW solar project in Washington County, New York. According to RWE, there is growing electricity demand in this area. The project's strategic location will help meet the increasing demand in this segment of the NYISO market and expand RWE's presence in the state, further showcasing the company's dedication to clean energy in New York. Currently, the project is in the mid-stage of development, and the company has not yet confirmed its expected operation date.

RWE Group’s Expansion and Future Goals

RWE currently has 36 gigawatts (GW) of onshore wind, solar, and battery energy storage systems (BESS) under development in the U.S. The company plans to expand its U.S. renewables portfolio from over 9 GW of net installed capacity today to more than 19 GW.

The parent company (Con Edison Clean Energy) saw its global earnings from solar and wind assets increase significantly compared with 2022, rising to around US$1.35 billion. This is largely due to the acquisition of Con Edison (under its former name) in the US in March 2023, which came with a 24GW project pipeline of solar, storage, and wind assets.

As a leader in renewable energy, RWE is committed to growing its global green technology capacity to over 65 GW by 2030, with 30% of this growth expected to occur in the U.S. The company plans to invest EUR 20 billion in the U.S. as part of its global EUR 55 billion investment strategy from 2024 to 2030.

RWE's acquisition of a 599MW portfolio of solar and battery energy storage projects from Galehead Development marks a significant expansion of its renewable energy footprint in the United States, specifically in Idaho, Washington State, and New York. These ambitious targets underscore RWE's commitment to renewable energy and its strategic focus on the U.S. market as a key area for growth. The substantial investments and development plans reflect the company's dedication to advancing green technology and significantly boosting its renewable energy impact on the global energy landscape.

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