KKR announced on Tuesday that it has struck a deal to acquire the operations and assets of EDF power solutions in the United States and Canada from the EDF group. The transaction places the equity value at roughly $4.2 billion, and could include further payments totalling as much as $390 million.
The assets changing hands encompass EDF power solutions North America’s renewable operations. The unit ranks among the top ten owners of renewable energy capacity in the United States and has provided clean energy solutions across the U.S. and Canada for nearly 40 years.
EDF power solutions North America operates a diversified portfolio that includes solar arrays, wind farms, and battery storage sites in multiple locations. In addition to owning and operating generation and storage assets, the business manages an integrated platform covering project development, construction activity, and long-term operations and maintenance as well as asset management services. Its customer base spans utilities, corporate buyers, and institutional clients.
Commenting on the strategic rationale for the investment, Cecilio Velasco, Managing Director at KKR, said: "With power demand anticipated to increase in the United States due to the rapid expansion of data centers, manufacturing reshoring, and broader electrification, KKR’s investment in EDF power solutions North America supports the critical need for affordable power. EDF power solutions North America’s scale, operational track record, and integrated capabilities position it to meet that demand, particularly through its diversified portfolio and project pipeline."
KKR will finance the acquisition from its global infrastructure strategy. The firm has previously deployed more than $26 billion across renewables and energy transition investments worldwide.
The agreement remains conditional on customary closing requirements and regulatory approvals.
Deal snapshot
- Buyer: KKR
- Seller: EDF group (EDF power solutions North America)
- Equity value: Approximately $4.2 billion
- Potential additional payments: Up to $390 million
- Assets included: Solar, wind, battery storage; development, construction, O&M, and asset management platform
- End customers: Utilities, corporations, institutional clients
What remains uncertain
- The timing and completion of the transaction are subject to customary closing conditions and regulatory approvals.
- Any additional payments of up to $390 million are contingent and not guaranteed under the announced terms.