Qatar converts EUR-2.4bn bond to become RWE's top shareholder

The Qatar Investment Authority (QIA) has become the largest sole shareholder in RWE AG (ETR:RWE) after converting a EUR-2.42-billion (USD 2.55bn) mandatory convertible bond into shares of the German power major.

The state-owned fund from the Gulf now owns 67.6 million new ordinary shares, corresponding to around 9.1% of RWE's share capital, shows a voting rights announcement from Thursday.

The Essen-based energy group issued the bond in October 2022 to finance the USD-6.8-billion (EUR 6.44bn) acquisition of the clean energy operations of New York-based energy products and services provider Consolidated Edison Inc (NYSE:ED).

After closing the deal at the beginning of March, RWE launched a US subsidiary, Clean Energy LLC with 8 GW of renewable energy assets and a development pipeline exceeding 24 GW.

(EUR 1 = USD 1.055)

Choose your newsletter by Renewables Now. Join for free!