TotalEnergies and KKR, a leading global investment firm, announced on October 12, 2026, the signing of an agreement to add 700 MW to the 50/50 joint venture the two companies created in the United States in 2025.

Agreement Signed to Expand US Renewables Partnership

The joint venture currently holds 1.4 GW of renewable assets, and the new transaction will expand its portfolio with three utility-scale solar assets located in Texas and Ohio.

The transaction reflects an enterprise value of USD 1.2 billion for the portfolio. The three solar assets are expected to reach their commercial operation dates by the first quarter of 2027.

Power Sales and Operations Arrangements

According to the announcement, the electricity produced by these assets is already sold to third parties or will be marketed by TotalEnergies. TotalEnergies will continue to operate the assets after completion of the transaction.

The transaction is expected to close in 2026, subject to customary conditions.

The Joint Venture's Track Record

The 50/50 joint venture between TotalEnergies and KKR was created in the United States in 2025 and currently holds 1.4 GW of renewable capacity. With the addition of the 700 MW portfolio, the partnership's holdings will grow substantially, extending its footprint across two additional states through assets in Texas and Ohio.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. The firm aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities.

KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. KKR & Co. Inc. trades on the New York Stock Exchange under the ticker KKR.

TotalEnergies' Electricity Ambitions

TotalEnergies is building a competitive portfolio that combines renewables, solar, onshore wind, and offshore wind, with flexible assets such as combined-cycle gas turbines and storage to deliver clean, firm power to its customers. By the end of June 2026, the company held more than 37 GW of gross renewable power generation capacity and aims to achieve over 100 TWh of net electricity production by 2030.

TotalEnergies is a global integrated energy company that produces and markets oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. The company has more than 100,000 employees and is active in about 120 countries.

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