EDF has signed an agreement under which KKR will acquire the US and Canadian operations and assets of EDF power solutions. The agreement is subject to regulatory approvals and employee consultation procedures and is expected to close in the second half of 2026. The agreement also grants EDF power solutions the option to sell these assets under the agreed terms.
As of March 2026, EDF operates a renewable energy portfolio with a total net installed capacity of 5.6 GW across US and Canada, and the company’s operations across the US and Canada are valued at approximately $4.2 billion. There are also potential additional payments of up to $0.39 billion. It is expected to reduce the company’s net financial debt by around $5.5 billion.
As per EDF, this deal is part of the company’s portfolio rotation strategy. The company aims to raise capital and divert more finance towards rolling out of new nuclear facilities as well as maintaining the upkeep of its existing nuclear fleet. Meanwhile, KKR aims to use these clean energy projects to cater to the increasing power demand contributed data centers.
The US renewable energy sector is witnessing significant activity in the big-ticket M&A space. Recently, Enel S.p.A. signed agreements with Excelsior Energy Capital to acquire a 830 MW renewable energy portfolio. The portfolio comprises wind and solar plants with an expected average annual output of around 2.1 TWh. Similarly, Pattern Energy Group entered into a definitive agreement to acquire Cordelio Power, to acquire an operating and under-construction renewable portfolio of 1,550 MW from Cordelio Power. This portfolio comprises 16 wind, solar, and energy storage projects located across Canada and the US.
REGlobal’s Views: Renewable energy projects continue to attract investors in the US despite the political headwinds and policy reversals. This large acquisition by KKR shows that renewable energy giants are going ahead in their strategy for renewable energy development through organic and inorganic means. At the same time, it also shows that energy giants in Europe like EDF are re-strategizing and deciding to focus more on conventional clean energy sources like nuclear, especially in light of the current energy crisis.