LS Power LLC is reportedly in advanced discussions to purchase Electricite de France SA's North American renewable power business. The potential deal, valued at more than €4 billion ($4.7 billion), is being driven by the increasing energy demand, particularly from data centers. Sources familiar with the matter indicate that an announcement could be made in the coming days or next week, although negotiations are ongoing and could still fall apart.
This acquisition aligns with EDF's broader strategy to divest from its North American renewable assets to fund its significant nuclear expansion plans in France. EDF had previously hired Nomura Greentech in 2025 to manage the sale, with initial bids due in late 2025 and binding bids expected by late March 2026. At the time of its 4Q25 earnings call, EDF's North American business had 6.1 GW of net operating capacity and a 19.2 GW development pipeline.
The auction for EDF Power Solutions US saw several prominent bidders, including KKR, Global Infrastructure Partners (now part of BlackRock), and Constellation Energy Corporation. While KKR was initially considered a potential finalist, LS Power appears to have emerged as the frontrunner. This move reflects LS Power's established strategy of acquiring and integrating large-scale, de-risked renewable energy assets, further expanding its existing portfolio which already includes over 22 GW of generation capacity.
The sale is primarily driven by EDF's need to finance its €72.8 billion nuclear build program in France under CEO Bernard Fontana. The company views its North American assets as a valuable, liquid premium asset that can generate significant capital for its domestic nuclear initiatives. The competitive bidding process, where the final price is reportedly above €4 billion, validates the high demand for operating, US-based renewable capacity with substantial development pipelines among institutional investors.
