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EDF power solutions owns and runs a portfolio of solar, wind and battery storage assets across multiple regions.
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KKR Managing Director Cecilio Velasco said the acquisition is in line with the investment firm’s goal to support the United States’ “broader energy security and affordability goals” at a time when electricity demand is rising, driven by the rapid development of AI data centers, manufacturers reshoring production and broader electrification across the country.
“EDF power solutions North America’s scale, operational track record, and integrated capabilities position it to meet that demand, particularly through its diversified portfolio and project pipeline,” Velasco added in the June 30 release.
The energy company has developed 26 gigawatts of wind, solar and battery storage projects in North America, in addition to electric vehicle charging sites. It also has 17 GW of under service contracts in the region, which includes a small amount in Mexico, per its website.
EDF’s North American affiliate is one of the largest renewable energy developers in the region, ranking among the top 10 renewable capacity owners in the United States, according to the release. Its integrated platform also handles project development, construction, operations, maintenance and asset development.
The company’s website states it has over 35 years of experience delivering clean energy solutions in the U.S. and Canada.
KKR said it’s funding the deal through its global infrastructure strategy.
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The Midcontinent Independent System Operator is expected to have growing capacity surpluses over the next five years, according to the OMS-MISO survey.
Analysts said the deal, which could create the largest regulated electric utility in the world, marks a shift back toward an integrated utility model. The combined business would be “anchored by a more than 80% regulated business mix,” the companies said.
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Get the free daily newsletter read by industry experts
The Midcontinent Independent System Operator is expected to have growing capacity surpluses over the next five years, according to the OMS-MISO survey.
Analysts said the deal, which could create the largest regulated electric utility in the world, marks a shift back toward an integrated utility model. The combined business would be “anchored by a more than 80% regulated business mix,” the companies said.
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