TotalEnergies has sold 50% of its 1.4 gigawatt solar portfolio in North America to investment firm KKR, in a deal worth $1.25 billion.
The transaction covers the sale of six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totalling 140 MW, which are primarily situated in the United States.
Electricity produced by the facilities has already been contracted to third parties or will be marketed directly by TotalEnergies.
As a result of the transaction and a bank refinancing process, which is currently being finalised, TotalEnergies will receive a total of $950 million once the deal is closed, it said in a statement.
‘Strategic partnership’
“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”, commented Stéphane Michel, president of Gas, Renewables & Power at TotalEnergies.
“Aligned with our strategy, this transaction unlocks value from newly-commissioned assets and further strengthens the profitability of our Integrated Power business.”
TotalEnergies will retain a 50% stake in the portfolio, which firms part of its broader renewable energy interests, including solar, offshore and onshore wind, and other flexible assets (CCGT, storage).
Renewable generation
As of June 2025, TotalEnergies reported more than 30 GW of gross installed renewable generation capacity, with a stated goal of achieving 35 GW by the end of 2025, and more than 100 TWh of net electricity production by 2030.
“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”, added Cecilio Velasco, managing director, KKR.
“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.”
The transaction is subject to customary closing conditions. Read more here.
