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EDF agrees to sell US, Canada unit to KKR
EDF’s Divestment of North American Power Solutions
Details of the Agreement
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.
Scope of Acquisition
KKR will acquire the operations and assets. In the U.S. and Canada, EDF Power Solutions operates 5.6 gigawatts of renewable assets.
EDF’s Financial Strategy
Raising Capital for Nuclear Investments
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.
Potential Valuation of the Sale
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’s Renewable Energy Portfolio
Project Development and Service Contracts
Wind, Solar, and Battery Storage
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.
Currency Exchange Rate
($1 = 0.8773 euros)
Reporting Credits
(Reporting by Margaux Perrin in Gdansk, Editing by Louise Heavens)