TotalEnergies has reached an agreement with investment firm KKR to expand their US joint venture (JV) by adding a 700MW renewables portfolio.
The companies announced the agreement to increase the capacity of their 50/50 JV to 2.1GW.
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This follows last year’s deal in which TotalEnergies agreed to divest a 50% stake in a 1.4GW solar portfolio in North America to KKR-managed insurance vehicles and accounts.
The newly added assets consist of three utility-scale solar projects in Texas and Ohio.
These projects are expected to become commercially operational by the first quarter of 2027 (Q1 2027).
Electricity produced by the assets is either already contracted to third parties or due to be marketed by TotalEnergies.
The enterprise value of the portfolio stands at $1.2bn (€1.07bn).
TotalEnergies will remain the operator of the assets after completion of the transaction, with closing anticipated in 2026, subject to standard closing conditions.
TotalEnergies is developing a power portfolio combining solar, onshore and offshore wind with flexible assets including combined-cycle gas turbines and storage.
The company held more than 37GW of gross renewable power generation capacity at the end of June 2026. It is targeting more than 100TW-hours of net electricity production by 2030.
In August this year, TotalEnergies signed two separate agreements in the European renewables sector: one to acquire assets from Shell and another to sell part of a portfolio to KKR.
Under the agreement with Shell, TotalEnergies will acquire Shell’s entire European onshore renewables business. The transaction includes 500MW of solar and wind projects that are operational or under construction, mainly in Italy and the Netherlands.
