Dive Brief:
- KKR announced Tuesday it is acquiring the North American operations of EDF power solutions — a global clean energy affiliate of French utility company EDF group — for $4.2 billion. The deal includes potential additional payments of up to $390 million.
- EDF power solutions owns and runs a portfolio of solar, wind and battery storage assets across multiple regions, and the company said its U.S. and Canada operations serve a wide range of utilities, companies and institutional customers.
- The New York-based investment firm said in a June 30 release that under its ownership, EDF’s North American clean energy assets will “have the resources and strategic support to expand [their] asset base, enhance operational performance, and accelerate [their] development pipeline.
Dive Insight:
KKR Managing Director Cecilio Velasco said the acquisition is in line with the investment firm’s goal to support the United States’ “broader energy security and affordability goals” at a time when electricity demand is rising, driven by the rapid development of AI data centers, manufacturers reshoring production and broader electrification across the country.
“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,” Velasco added in the June 30 release.
The energy company has developed 26 gigawatts of wind, solar and battery storage projects in North America, in addition to electric vehicle charging sites. It also has 17 GW of under service contracts in the region, which includes a small amount in Mexico, per its website.
EDF’s North American affiliate is one of the largest renewable energy developers in the region, ranking among the top 10 renewable capacity owners in the United States, according to the release. Its integrated platform also handles project development, construction, operations, maintenance and asset development.
The company’s website states it has over 35 years of experience delivering clean energy solutions in the U.S. and Canada.
KKR said it’s funding the deal through its global infrastructure strategy.
