M&A: EDF Power Solutions narrows down bidders; KKR emerges as potential finalist

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The auction for EDF Power Solutions US is starting to come to a close as bidders were recently asked to rebid for the platform as the field was narrowed to two final bids, said sources familiar with the situation.

KKR remained in the mix for the assets, added those sources.

Other bids were rumored to come from the likes Global Infrastructure Partners (GIP), now part of BlackRockLS Power and Constellation Energy Corporation.

EDF hired Nomura Greentech in 2025 as it was looking to recycle some of its global platform to deploy into its growing nuclear fleet in France. First round bids were due in late 2025 and advanced to a second round in 1Q26. The company’s parent Electricite de France then said on its 4Q25 and 2025 earnings call on February 20 that it expected binding bids due in late March.

At the time of the call, EDF said its North American business had 6.1 GW in net operating capacity in North America and a 19.2 GW pipeline.

This includes 16 clean-energy projects, in the US spread between solar and hybrid projects that had reached an advanced stage in the past 24 months spread across every major grid operator, according to NPM Interconnection queue data.

EDF, KKR and GIP declined to comment on the situation. Nomura Greentech LS Power and Constellation did not return calls seeking comment.

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