Global investment firm KKR has agreed to acquire EDF Power Solutions North America in a landmark $4.2-billion deal, marking the largest single renewable energy investment in the company’s history. The purchase gives KKR immediate control of one of North America’s largest clean power portfolios, adding more than 5.6 gigawatts of operating wind, solar, and battery storage assets as investors race to secure electricity generation for AI data centers and other fast-growing sources of power demand.
The acquisition instantly makes KKR one of the largest owners of renewable generating assets in North America. EDF Power Solutions has developed more than 26 GW of wind, solar, and battery storage projects over nearly 40 years and operates one of the continent’s largest clean energy portfolios.
KKR will finance the transaction through its global infrastructure strategy. The acquisition allows the firm to capitalize on the AI boom’s insatiable power demand. To date, KKR has deployed more than $26 billion globally in renewable energy and transition strategies.
On its part, the divestment aligns with EDF’s portfolio rotation strategy. The French giant will use the freed-up cash to maintain its 57 domestic nuclear reactors and fund six new nuclear units in Europe.
KKR has lately been on a renewable energy investment spree: KKR and South Korea’s SK Inc. have signed definitive agreements to launch South Korea’s largest integrated renewable energy platform, valued at KRW 2 trillion (~$1.3 billion). The platform begins operations with approximately 1.7 gigawatts (GW) of existing clean-energy assets, with plans to scale total power capacity to 10 GW. The platform brings together fragmented renewable operations previously spread across multiple SK affiliates, spanning solar, onshore and offshore wind, fuel cells and energy storage systems (ESS).
By Alex Kimani for Oilprice.com
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