Qatar’s sovereign wealth fund, the $450bn Qatar Investment Authority (QIA), is paying $2.39bn to take a 9.09% stake in German power firm RWE. The investment follows the German Chancellor’s visit to the emirate at the end of September (MEES, 30 September).
QIA’s investment will fund RWE’s purchase of a 3GW portfolio of US solar plants and wind farms from US firm Con Edison, with plans to expand the assets to over 7GW. Once completed, RWE will be the second largest solar operator and the fourth largest renewables company in the US. (CONTINUED - 148 WORDS)