EDF agrees to sell US, Canada unit to KKR
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The logo is seen prior to the presentation of the French state-owned utility EDF 2023 half-year results in Paris, France, July 27, 2023. REUTERS/Benoit Tessier
June 26 (Reuters) - EDF signed an agreement to sell EDF Power Solutions in the United States and Canada to private equity firm KKR, the company said on Friday.
KKR will acquire the operations and assets. In the U.S. and Canada, EDF Power Solutions operates 5.6 gigawatts of renewable assets.
EDF, which owns and operates France's nuclear fleet, must raise cash to maintain its 57 aging reactors and finance the construction of six new units.
In November EDF CEO Bernard Fontana told Reuters the company was considering selling between 50% and 100% of its U.S. renewable unit, a deal that could value the business at nearly €4 billion ($4.56 billion).
EDF has developed 26 gigawatts of wind, solar and battery storage projects plus electric vehicle charging sites and has 17 GW under service contracts in North America, which includes a small amount in Canada and Mexico, according to its website.
($1 = 0.8773 euros)
(Reporting by Margaux Perrin in Gdansk, Editing by Louise Heavens)
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