KKR’s infrastructure arm is acquiring the North American renewable operations of EDF for $4.6bn (€4.03bn), in a deal marking the global investment firm’s single largest renewable energy investment to date.
KKR has agreed to acquire the operations and assets of EDF power solutions in the US and Canada (EDF Power Solutions North America) for $4.2bn, with additional performance-based payments of up to $390m.
EDF Power Solutions North America operates a portfolio of solar, wind and battery storage assets across several regions.
The company’s platform covers project development, construction, operations and maintenance, and asset management, serving utilities, corporate buyers and institutional clients.
Cecilio Velasco, managing director, KKR, said: “With power demand anticipated to increase in the United States due to the rapid expansion of data centres, 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. We look forward to supporting the platform’s continued growth and ultimately the United States’ broader energy security and affordability goals.”
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