EDF sells North American renewable business to KKR to fund nuclear plans

EDF agreed to sell its North American renewable-energy business to KKR after a competitive process, handing the private-equity firm a portfolio of operating wind, solar and storage assets in the United States and Canada. The transaction covers EDF Power Solutions in both countries, and EDF said KKR irrevocably undertook to acquire the operations and assets.

The sale goes to the heart of EDF’s capital needs. The French utility said it needs cash to maintain its fleet of 57 reactors in France and help finance six new nuclear units, a spending burden that is forcing one of Europe’s biggest power companies to trim assets abroad. EDF had already signaled in November 2025 that it was considering selling between 50% and 100% of its U.S. renewable unit, and a person familiar with the matter said the business could be valued at nearly 4 billion euros.

EDF Power Solutions’ North American platform is not a side project. Reuters reported that the business has 5.6 gigawatts of operating renewable assets in the U.S. and Canada. EDF has also developed 26 gigawatts of wind, solar, battery-storage projects and electric-vehicle charging sites across North America, plus another 17 gigawatts under service contracts, giving the company a much broader footprint than the assets being sold.

The timing reflects pressure on utilities across the energy transition. Capital-intensive renewables expansion, higher financing costs and the need to shore up balance sheets have made ownership decisions more strategic, especially when companies are trying to fund both new clean-power capacity and legacy nuclear fleets. Bloomberg Law described the deal as part of the scramble for electricity assets tied to AI-driven demand for power, a reminder that data centers are sharpening competition for generation and grid-connected infrastructure.

EDF’s 2025 universal registration document shows how closely the sale is tied to its home-market priorities. France’s Nuclear Policy Council met in March 2026 and reaffirmed the strategic nature of six EPR2 reactors, with financing built around a subsidized state loan covering 60% of construction costs and a contract for difference for the rest. For KKR, the purchase adds a sizable operating clean-power portfolio in a market where investors still favor infrastructure with steady cash flow. For EDF, it frees up capital for a nuclear program that remains central to France’s energy strategy and decarbonization plans.