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KKR has agreed to acquire the operations and assets of EDF Power Solutions in the US and Canada in a deal valued at around USD 4.2 billion, with additional payments of up to USD 390 million linked to certain conditions. The acquisition comes as French utility EDF looks to strengthen its finances to support its domestic nuclear power business and new reactor projects. For KKR, the deal expands its renewable energy portfolio at a time when electricity demand is rising due to AI data centres, electrification and the broader energy transition.
KKR has agreed to acquire the operations and assets of EDF Power Solutions' renewable energy business in the US and Canada in a transaction valued at approximately USD 4.2 billion. The agreement also includes potential additional payments of up to USD 390 million, subject to certain conditions.
The transaction values EDF Power Solutions' equity interest in its North American business at around USD 4.2 billion. Earlier this week, French state-owned utility EDF confirmed that it had reached an agreement to sell the business to KKR.
The sale forms part of EDF's broader strategy to strengthen its financial position as it continues investing in France's nuclear power sector. The utility is seeking additional funds to maintain its fleet of 57 ageing nuclear reactors while also supporting the construction of six new nuclear reactors, which form part of France's long-term energy plans.
For KKR, the acquisition aligns with its strategy of expanding investments in energy infrastructure and renewable power. The firm expects to benefit from increasing electricity demand, driven by the rapid growth of AI-powered data centres, wider electrification across industries, and the continued shift towards cleaner sources of energy.
EDF Power Solutions has built a significant renewable energy platform across North America. The business has developed around 26 gigawatts of wind, solar and battery storage projects across the US and Canada. Its portfolio also includes electric vehicle charging infrastructure, giving KKR exposure to multiple segments of the clean energy market.
The transaction is one of the notable renewable energy deals in North America this year and reflects continued investor interest in infrastructure assets that can support rising electricity demand while contributing to the ongoing energy transition.
Source Reuters
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