EDF has agreed to divest its renewable energy business in the United States and Canada to KKR. The transaction, valued at approximately USD 4.2 billion, includes a 5.6 GW renewable energy portfolio and remains subject to regulatory and governance approvals.
French energy company EDF has agreed to sell its renewable energy business in the United States and Canada to New York-based private equity firm KKR & Co. The transaction values EDF’s equity interest in EDF Power Solutions Inc. and EDF Power Solutions Canada Inc. at approximately USD 4.2 billion (EUR 4.80 billion), with potential additional payments of up to USD 390 million.
Under the agreement, KKR has made an irrevocable commitment to acquire the operations and assets of EDF Power Solutions in both countries, while EDF retains the option to complete the transaction.
EDF Power Solutions develops, constructs and operates renewable energy projects, battery energy storage systems (BESS), smart EV charging infrastructure and microgrids. Its North American portfolio currently comprises 5.6 GW of installed renewable energy capacity.
The agreement follows reports that EDF had been exploring the sale of its North American renewable energy business, with earlier media reports suggesting discussions with LS Power over a potential transaction valued at more than EUR 4 billion.
The proposed divestment follows a competitive sale process and remains subject to consultations with employee representative bodies, as well as approvals from the relevant corporate governance and regulatory authorities.