KKR to acquire EDF power solutions’ North American operations for $4.2B

Investment firm KKR (KKR [https://seekingalpha.com/symbol/KKR]) on Tuesday said it has agreed to acquire the operations and assets of EDF power solutions in the United States and Canada from EDF group for $4.2 billion.

Collectively, these businesses represent EDF power solutions’ North American renewable operations, the company said. The transaction has potential additional payments of up to $0.39 billion, KKR added [https://seekingalpha.com/pr/20569337-kkr-to-acquire-edf-power-solutions-north-american-operations-for-4_2-billion].

EDF power solutions North America is among the top ten owners of renewable energy capacity in the U.S. The company owns and operates a diversified portfolio of solar, wind, and battery storage assets across multiple geographies and manages an integrated platform spanning project development, construction, and long-term operations and maintenance, and asset management.

“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, KKR.

KKR said it is funding this transaction from its global infrastructure strategy.

Shares of KKR, which deployed more than $26 billion globally across renewables and energy transition investments to date, were down 0.9% in extended trading.

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