BERLINGerman energy utility RWE said on Oct. 1 it would buy Con Edison’s Clean Energy Businesses subsidiary in a transaction valuing the unit at $6.8 billion.

RWE said the acquisition would add some $600 million in EBITDA to its results annually.

It would also double RWE’s renewables portfolio in the United States to more than 7 gigawatts in operating assets, and boost its project pipeline there to more than 24 GW in onshore wind, solar and batteries.

RWE said the transaction would be financed by issuing a 2.4 billion euro ($2.35 billion) mandatory convertible bond to a subsidiary of the Qatar Investment Authority.

This would eventually turn into shares representing slightly less than 10% of RWE’s share capital. Its plans for a dividend of 0.90 euros a share remained unchanged, RWE added.