TotalEnergies has agreed with insurance vehicles and accounts managed by global investment firm KKR to sell a 50% interest in a 1.4GW North American solar portfolio.
The deal assigns the portfolio an enterprise value of $1.25bn.
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Due to these transactions and bank refinancing to be finalised shortly, the energy company will receive $950m at closing.
The deal comprises six utility-scale solar projects amounting to 1.3GW, and 41 distributed-generation sites totalling 140MW, primarily located in the US.
Electricity generated by the projects either has been sold to third parties or will be marketed by TotalEnergies.
The company will retain half of the ownership stake and continue to operate the assets following completion of the deal.
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By GlobalDataKKR managing director Cecilio Velasco stated: “TotalEnergies is a renewable energy industry leader globally, and we are thrilled to establish this joint venture with the TotalEnergies team to support their renewables business.
“We have long been investors in renewables through our infrastructure platform, having committed more than $23bn to date in energy transition investments. TotalEnergies’ North American solar portfolio is a great fit for us, representing high-quality renewable energy assets with long term contracts.”
Under the integrated power business model, TotalEnergies is developing a portfolio by integrating renewables such as solar, onshore wind and offshore wind with assets such as combined cycle gas turbines (CCGT) and storage solutions.
To reach its goal of a 12% profitability for its integrated power business, TotalEnergies plans to sell up to 50% of its renewable assets once they become operational and their risks are minimised. This strategy enables the company to optimise asset value and effectively manage associated risks.
TotalEnergies gas, renewables and power president Stéphane Michel stated: “We are pleased to enter into this new strategic partnership with KKR in North America, a key deregulated electricity market to expand our integrated business model.
“Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our integrated power business.”
In July 2025, TotalEnergies completed the purchase of a 50% interest in the solar, wind and battery energy storage systems portfolio of AES Dominicana Renewables Energy.
