KKR Agrees to Buy EDF Power Assets as AI Boom Fuels Demand
(Bloomberg) -- Electricite de France SA said that KKR & Co. agreed to buy its renewable power businesses in the US and Canada, the latest landmark deal in the rush to amass electricity assets for the AI boom.
Financial terms of the transaction weren’t disclosed in EDF’s Friday statement. KKR declined to comment, including on the deal valuation.
The KKR deal comes after LS Power LLC had been in advanced talks to buy EDF’s North American renewable power business, Bloomberg News reported earlier this month. At the time, LS Power was discussing paying more than €4 billion ($4.6 billion) for the unit, Bloomberg News reported.
KKR has spent years building out its power portfolio, focusing on renewables and gas assets, as demand for electricity grows rapidly. The investment giant agreed in September to pay $10 billion for a 45% equity stake in Sempra’s infrastructure arm, which builds liquefied natural gas projects. Days later, TotalEnergies SE agreed to sell a stake in North American solar assets to KKR in a deal valuing the portfolio at $1.25 billion including debt.
The KKR moves have mirrored a larger pick up for takeovers in the US power industry as energy producers and utilities race to meet insatiable demand from massive data-center projects. In May, NextEra Energy Inc. agreed in May to pay about $67 billion in stock for Dominion Energy Inc. in the largest power acquisition ever.
French state-owned utility EDF operates a portfolio of 5.6 gigawatts of renewable assets in the US and Canada, according to the statement. That’s enough to power more than 4 million US homes.
EDF is raising funds to help finance the construction of nuclear reactors in France and the UK to replace part of its aging atomic fleet. That investment, costing tens of billions of euros over the next two decades, coincides with falling French power prices, putting the utility’s balance sheet under pressure.
(Adds KKR declined to comment in second paragraph.)
©2026 Bloomberg L.P.
