KKR to buy EDF's renewable power assets in US, Canada for $4.2 billion

KKR & Co

Yesterday 22:36

    June 30 (Reuters) - Private equity firm KKR said on Tuesday it will buy the operations and assets of EDF's North American renewable energy unit in the U.S. and Canada for $4.2 billion.
EDF Power Solutions' assets are being sold as the parent company, French state-owned utility EDF, seeks to raise cash to maintain its 57 aging domestic nuclear reactors and finance the construction of six new units.

The deal values the equity interest of EDF Power Solutions in North America at approximately $4.2 billion, with potential additional payments of up to $390 million.
KKR is aiming to capitalize on rising power demand driven by the expansion of AI data centers and electrification.
EDF confirmed last week that it will sell to KKR.

        In North America, EDF has developed 26 gigawatts of wind, solar and battery storage projects as well as electric vehicle charging sites. 

 (Reporting by Dharna Bafna in Bengaluru; Editing by Sahal Muhammed)
 ((Dharna.Bafna@thomsonreuters.com))