Private equity firm KKR agreed to buy the operations and assets of EDF’s North American renewable energy unit in the U.S. and Canada for $4.2 billion.
EDF Power Solutions’ assets are being sold as the parent company, French state-owned utility EDF, seeks to raise cash to maintain its 57 aging domestic nuclear reactors and finance the construction of six new units.
- The deal values the equity interest of EDF Power Solutions in North America at approximately $4.2 billion, with potential additional payments of up to $390 million.
- KKR is aiming to capitalize on rising power demand driven by the expansion of AI data centers and electrification.
- EDF confirmed last week that it will sell to KKR.
- In North America, EDF has developed 26 gigawatts of wind, solar and battery storage projects as well as electric vehicle charging sites.