KKR has agreed to acquire the operations and assets of EDF Power Solutions Inc. and EDF Power Solutions Canada Inc. from power producer EDF Group.
The transaction values the equity interests in the two businesses at approximately $4.2 billion, with potential earnout payments of up to $390 million. The acquisition gives KKR ownership of EDF power solutions’ North American renewable energy platform and will be funded through KKR’s global infrastructure strategy.
EDF Power Solutions North America is among the 10 largest owners of renewable energy capacity in the United States, according to the company, with nearly 40 years of experience developing and operating clean energy projects across the U.S. and Canada. The business owns and operates a portfolio of solar, wind, and battery storage assets while also providing project development, construction, operations and maintenance, and asset management services. Its customer base includes utilities, corporations and institutional investors.