French utility EDF has agreed to sell its renewable energy business in the US and Canada to private equity firm KKR.
Under the terms of the agreement, KKR will acquire EDF Power Solutions’ operations and assets in the US and Canada. EDF will decide whether to exercise the sale option once the transaction has completed employee consultation processes and received the required governance approvals.
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The agreement follows reports of EDF exploring the sale of its North American renewables business in a deal reportedly valued at more than €4 billion (US$4.55 billion). However, the financial terms of the transaction were not disclosed.
EDF develops, builds and operates renewable energy projects, battery energy storage systems (BESS), EV charging infrastructure and microgrids.
The business operates a renewable energy portfolio with a net installed capacity of 5.6GW across the US and Canada. In North America, the company has developed more than 26GW of wind, solar and battery storage capacity across the region.
The transaction remains subject to consultation with employee representative bodies and approval from the relevant governance bodies.
Headquartered in Paris, France, EDF operates its North American renewables business through EDF Power Solutions North America, which is based in San Diego, California.
Earlier this month, the company signed a 30-year power purchase agreement (PPA) with the Southern California Public Power Authority (SCPPA) and the Los Angeles Department of Water and Power (LADWP) for the output of its 400MW Utah Solar 1 project. The project is under development in Millard County, Utah and is expected to begin commercial operations in mid-2027.
Last year, KKR acquired a 50% stake in TotalEnergies’ 1.4GW North American solar portfolio in a deal valuing the assets at US$1.25 billion. TotalEnergies retained the remaining 50% stake and continued to operate the portfolio following the transaction’s completion.
