- TotalEnergies sells 50% of a 1.4 GW solar portfolio to KKR for $1.25 billion.
- TotalEnergies will receive $950 million at closing.
- The portfolio includes 1.3 GW utility-scale and 140 MW distributed generation assets.
- TotalEnergies retains 50% stake and operational control post-transaction.
Transaction Overview
TotalEnergies has entered into an agreement with KKR to sell 50% of its 1.4 GW solar portfolio in North America. The transaction values the portfolio at $1.25 billion, with TotalEnergies set to receive $950 million at closing. This move aligns with TotalEnergies' strategy to optimize its renewables business model.
Portfolio Details
The transaction includes six utility-scale solar assets with a combined capacity of 1.3 GW and 41 distributed generation assets totaling 140 MW, primarily located in the United States. The electricity generated by these projects has been or will be sold to third parties or commercialized by TotalEnergies.
Operational Control
TotalEnergies will maintain a 50% stake in the assets and continue to operate them after the transaction closes, which is subject to customary conditions. This approach allows TotalEnergies to retain operational control while unlocking value from its assets.
Strategic Partnership
The partnership with KKR, a global investment firm with extensive experience in renewables, supports TotalEnergies' strategy to expand its integrated business model in North America's deregulated electricity market. KKR has committed over $23 billion to energy transition investments, making this solar portfolio a strategic fit.
