TotalEnergies has entered into an agreement with KKR, a global investment firm, to sell 50% of its 1.4 gigawatt (GW) solar portfolio in North America. The deal values the portfolio at $1.25 billion and is expected to provide TotalEnergies with $950 million upon closing, which will include proceeds from ongoing bank refinancing.
The assets involved in the transaction consist of six utility-scale solar projects totaling 1.3 GW and 41 distributed generation assets with a combined capacity of 140 megawatts (MW), mainly located in the United States. The electricity generated by these projects has either been sold under contract or will be marketed by TotalEnergies.
After the completion of the transaction, which is subject to standard closing conditions, TotalEnergies will retain a 50% stake and continue to operate the assets.
Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, 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.”
Cecilio Velasco, Managing Director at KKR, commented: “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 $23 billion 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.”
TotalEnergies follows a business model where it divests up to half of its renewable assets after they reach commercial operation and risk levels decrease. This approach allows the company to maximize asset value while managing risks as part of its goal for its Integrated Power business.
As of June 2025, TotalEnergies had over 30 GW of installed gross renewable electricity generation capacity and aims to reach 35 GW by year-end and over 100 terawatt-hours (TWh) of net electricity production by 2030.
TotalEnergies operates as an integrated energy company active in approximately 120 countries and employs more than 100,000 people worldwide.
