KKR to Acquire EDF Power Solutions' North American Operations for $4.2 Billion

By Anvee Bhutani

KKR said it agreed to acquire the U.S. and Canadian operations of EDF power solutions from EDF group for about $4.2 billion, with potential additional payments of up to $390 million.

The deal covers EDF power solutions' North American renewable energy business, which ranks among the top 10 U.S. renewable capacity owners and operates solar, wind and battery storage assets across the U.S. and Canada. The platform also handles project development, construction, and operations and maintenance.

"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," said Cecilio Velasco, managing director at KKR.

KKR has deployed more than $26 billion globally in renewables and energy-transition investments. The deal is being funded through KKR's global infrastructure strategy and is subject to customary closing conditions and regulatory approvals.

Write to Anvee Bhutani at anvee.bhutani@wsj.com