US-based alternative asset manager KKR has announced the acquisition of EDF Group's US and Canadian power solutions businesses in a transaction valued at $4.2 billion (approximately €3.53 billion), with potential additional payments of up to $390 million (approximately €328 million), marking KKR's largest individual investment to date in the renewables sector.

As reported by ESG Today, EDF Power Solutions North America ranks among the top ten owners of renewable energy capacity in the United States. The business owns and operates a diversified portfolio of solar, wind, and battery storage assets and manages an integrated platform spanning project development, construction, long-term operations and maintenance, and asset management, serving utility, corporate, and institutional customers across North America.

Cecilio Velasco, Managing Director at KKR, said: "With power demand anticipated to increase in the United States due to the rapid expansion of data centers, manufacturing reshoring, and broader electrification, KKR's investment in EDF power solutions North America supports the critical need for affordable power."

KKR said its resources and strategic support will enable the business to expand its asset base, enhance operational performance, and accelerate its development pipeline across both existing and new renewable energy markets. The acquisition will be funded from KKR's global infrastructure strategy, which has been actively deployed across energy transition assets in recent years.

The transaction arrives as electricity demand across the United States accelerates at a pace not seen in decades, driven by the rapid buildout of data centre capacity to support artificial intelligence workloads, manufacturing reshoring underpinned by federal industrial policy, and the broad electrification of transportation and industrial processes.

The US Energy Information Administration projects electricity demand could rise by as much as 15 to 20% over the next decade, placing significant pressure on grid operators and reinforcing the commercial case for large-scale, diversified renewable energy platforms with integrated development and operational capabilities.