EDF has agreed to sell its North American renewables business, EDF Power Solutions in the US and Canada, to KKR, as the French state-owned utility continues efforts to raise capital for its domestic nuclear investment programme, according to a report by Reuters.
The transaction will see KKR acquire EDF Power Solutions’ operations and assets across the US and Canada, where the business operates 5.6GW of renewable energy assets. Financial terms of the deal were not disclosed.
The sale follows comments by EDF CEO Bernard Fontana in November that the utility was considering selling between 50% and 100% of its US renewables business in a transaction that could value the unit at close to €4bn.
EDF is seeking to strengthen its balance sheet as it funds the maintenance of France’s 57 nuclear reactors and the construction of six new reactors. Across North America, EDF has reportedly developed 26GW of wind, solar and battery storage projects, alongside electric vehicle charging infrastructure, and manages a further 17GW under service contracts.
