KKR announced on Tuesday that it has agreed to acquire EDF Power Solutions’ North American renewable energy business from EDF Group SA (EDFEF.PK) for approximately $4.2 billion, with up to an additional $390 million in contingent payments.
In a separate announcement, KKR disclosed that it has signed definitive agreements with South Korea’s SK Inc. (03473K.KS), under which its funds will establish Korea’s largest renewable energy platform, valued at roughly 2 trillion Korean won, or about $1.3 billion.
Under the agreement, KKR will purchase the operations and assets of EDF Power Solutions Inc. and EDF Power Solutions Canada Inc., both based in the United States, from the EDF group.
The transaction is subject to customary closing conditions and regulatory approvals.
EDF Power Solutions North America provides clean‑energy services throughout the United States and Canada, owning and operating a diversified portfolio of solar, wind, and battery storage assets across several regions.
KKR noted that, post‑transaction, EDF Power Solutions North America will benefit from the resources and strategic support needed to expand its asset base, improve operational performance, and accelerate its development pipeline.
Furthermore, KKR and SK intend to consolidate renewable‑energy assets previously held by SK affiliates — including solar, on‑shore and off‑shore wind, and fuel‑cell projects — into a single, integrated platform, leveraging each company’s operational experience and renewable‑investment expertise.
The newly formed platform is projected to become Korea’s largest renewable‑energy business, initially operating about 1.7 GW of capacity and, with its development pipeline, expanding to a total of 10 GW.
SK intends to leverage the launch of the platform to reinforce its renewable‑energy foundation and drive further growth.
In after‑hours trading, KKR shares slipped about 0.11 % to $91.68, following a 3.2 % gain in the regular session on Tuesday.
In South Korea, SK shares were trading at 456,500 won, down 1.83 %.