KKR to Buy EDF’s North American Renewables Business in $4.2 Billion Deal

2026/07/10

KKR has agreed to acquire EDF’s renewable energy operations in the United States and Canada in a deal valuing the businesses’ equity at approximately $4.2 billion, as the investment firm targets rising electricity demand and the French utility moves to strengthen its finances.

The agreement, announced on June 30, includes potential additional payments of up to $390 million. EDF expects the transaction to close in the second half of 2026, subject to regulatory approvals and other closing conditions.

The acquisition covers the operations and assets of EDF power solutions Inc. and EDF power solutions Canada Inc. KKR described it as its largest single investment in renewable energy and said it would fund the purchase through its global infrastructure strategy.

The deal gives KKR an established North American renewables business with nearly four decades of experience. Its portfolio spans wind, solar and battery storage, supported by capabilities in project development, construction, operations and maintenance, and asset management.

KKR’s investment thesis centers on growing US electricity consumption. Cecilio Velasco, a managing director at the firm, pointed to the rapid expansion of data centers, the return of manufacturing activity to the United States and broader electrification as drivers of future demand.

The firm plans to support the business in expanding its asset base, improving operating performance and advancing its development pipeline. The acquisition therefore provides both operating assets and an established platform for developing new capacity.

For EDF, the disposal is expected to reduce net financial debt by approximately $5.5 billion—a figure distinct from the transaction’s stated equity valuation.

EDF Chairman and Chief Executive Bernard Fontana said the sale formed part of the group’s portfolio rotation strategy, aimed at increasing its financial capacity to develop competitive low-carbon energy across nuclear power, hydropower and renewables.



The transaction reflects complementary priorities: KKR is seeking growth from North America’s increasing need for electricity, while EDF is freeing up capital and reducing debt to support investment across its low-carbon energy businesses.