KKR to Buy EDF’s North American Renewables Business for $4.2B

KKR has agreed to acquire the U.S. and Canadian operations of EDF Power Solutions from EDF Group, France’s state-owned utility, in a transaction valuing the equity interest at approximately $4.2 billion, with potential additional payments of up to $390 million. The deal, funded through KKR’s Global Infrastructure strategy, marks the firm’s second acquisition of U.S. renewable energy assets from a foreign company in two years.

EDF Power Solutions North America owns and operates a portfolio of solar, wind, and battery storage assets and runs an integrated platform covering project development, construction, operations and maintenance, and asset management. The company has operated in the U.S. and Canada for nearly 40 years, serving utilities, corporations, and institutional investors.

“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,” Cecilio Velasco, managing director, KKR, said.

KKR has deployed more than $26 billion globally across renewables and energy transition investments to date. The acquisition accelerates a broader pattern of European utilities and energy companies divesting North American renewable assets as domestic capital markets — and infrastructure-focused private equity — step in to absorb them.