KKR agreed Friday to acquire the U.S. and Canadian operations of EDF Power Solutions from French state-owned utility EDF for about $4.2 billion, with the potential for additional payments of up to $390 million.
The deal covers EDF Power Solutions’ North American renewable energy business, which includes solar, wind, and battery storage assets across the United States and Canada. The platform also handles project development, construction, and operations and maintenance. It ranks among the top 10 U.S. renewable capacity owners, according to the companies.
Cecilio Velasco, a managing director at KKR, said the acquisition addresses anticipated growth in electricity demand. “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,” Velasco said.
KKR has deployed more than $26 billion globally in renewables and energy-transition investments, the firm said. The deal is being funded through KKR’s global infrastructure strategy and is subject to customary closing conditions and regulatory approvals.