M&A: KKR's advisors retained in successful EDF North America bid revealed

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KKR has reached an agreement to acquire edf power solutions North America in a highly competitive process, according to a June 26 press release put out by the latter platform’s French-based parent EDF Group.

The US and Canadian units of EDF operates a portfolio of these assets for a total net capacity of 5.6 GW as of March this year. Overall, the business manages 16 GW of solar, wind battery energy storage systems, including Mexico.

NPM first reported on April 20 that KKR emerged as a potential finalist amidst a fairly competitive field of bidders. However, sources later indicated that LS Power and KKR had emerged as the two main bidders at the end of the process, said sources familiar with the situation.

Transactional counsel on the deal for KKR was Gibson Dunn. Lead financial advisor was PJT Partners and additional financial advisors were HSBC, Mizuho, Morgan Stanley, Scotia and Wells Fargo, NPM has learned.

KKR, via its various pools of capital, launched Steller Renewable Power in 2021, and then agreed to take a majority stake in Avantus in 2024. It has also invested in ContourGlobal, Arevia Power, Sol Systems and also renewable investor SK E&S.

The purchase price was not disclosed in the press release.

The transaction contemplated will be subject to an information and consultation procedure with employee representative bodies and to the approval from the governance bodies.

edf power solutions North America and KKR declined to comment beyond the press release.

As widely reported, EDF has been slowly divesting its global assets over the past year in an effort to recycle capital into building a nuclear fleet in France, including selling its North American and Brazilian units.

Eventually, EDF hired Nomura Greentech to run a process that launched early in 4Q25, and then advanced to a second round in 1Q26 after certain parties were asked to re-submit first round bids.

NPM Interconnection queue data is tracking five pre-operational projects that reached an advance stage in the past 12 months prior to March 2026, amidst 52 pre-operational projects across most of the major grid operators in the US.