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Germany's RWE buys Con Edison renewable portfolio for $6.8 billion

BERLIN, Oct 1 (Reuters) - German energy utility RWE said on Saturday 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 earnings before interest, tax, depreciation and amortisation (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. ($1 = 1.0205 euros) (Reporting by Thomas Escritt; Editing by Alexander Smith)