KKR to Acquire EDF power solutions’ North American Operations for $4.2 Billion

Acquisition of Leading Provider of Low-Carbon Energy Solutions Represents KKR's Largest Individual Investment in the Renewables Sector

NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced that KKR has agreed to acquire the operations and assets of EDF power solutions in the United States (EDF power solutions Inc.) and Canada (EDF power solutions Canada Inc.) from EDF group, one of the world's largest power producers. This transaction values the equity interest in EDF power solutions Inc. and EDF power solutions Canada Inc. at approximately $4.2 billion, with potential additional payments of up to $0.39 billion. Collectively, these businesses represent EDF power solutions’ North American renewable operations.

EDF power solutions North America is among the top ten owners of renewable energy capacity in the United States, with a nearly 40-year track record of delivering clean energy solutions across the U.S. and Canada. The company owns and operates a diversified portfolio of solar, wind, and battery storage assets across multiple geographies and manages an integrated platform spanning project development, construction, and long-term operations and maintenance (O&M) and asset management. EDF power solutions North America serves a broad base of utilities, corporations, and institutional customers.

Under KKR’s ownership, EDF power solutions North America will have the resources and strategic support to expand its asset base, enhance operational performance, and accelerate its development pipeline.

“With power demand anticipated to increase in the United States due to the rapid expansion of data centers, manufacturing reshoring, and broader electrification, KKR’s investment in EDF power solutions North America supports the critical need for affordable power,” said Cecilio Velasco, Managing Director, KKR. “EDF power solutions North America’s scale, operational track record, and integrated capabilities position it to meet that demand, particularly through its diversified portfolio and project pipeline. We look forward to supporting the platform’s continued growth and ultimately the United States’ broader energy security and affordability goals.”

KKR brings deep expertise and a proven track record investing in renewables, having deployed more than $26 billion globally across renewables and energy transition investments to date. KKR is funding this transaction from its global infrastructure strategy. The transaction is subject to customary closing conditions and regulatory approvals.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.