TotalEnergies has signed an agreement with insurance vehicles and accounts managed by KKR, a leading global investment firm, for the sale of 50% of a 1.4 GW solar portfolio in North America. The transaction, announced on September 29, 2025, values the portfolio at an enterprise value of USD 1.25 billion. With these transactions and the bank refinancing currently being finalized, TotalEnergies will receive a total of USD 950 million at closing.

The French energy company will retain a 50% stake in the assets and continue to operate them after the closing of this transaction, which is subject to customary conditions.

Portfolio Structure and Geographic Spread

The transaction encompasses 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 production of these projects has either been sold to third parties or will be commercialized by TotalEnergies.

Strategic Partnership and Business Model

“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,” said 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.”

Cecilio Velasco, Managing Director at KKR, expressed enthusiasm about the partnership. “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,” he said. “We have long been investors in renewables through our infrastructure platform, having committed more than USD 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' Integrated Power Business Model

TotalEnergies is building a competitive portfolio that combines renewable energy sources (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean, firm power to its customers. To achieve the 12% profitability target it sets for its Integrated Power business, TotalEnergies divests up to 50% of its renewable assets once they reach commercial operation date (COD) and are derisked, allowing the Company to maximize asset value and manage risks.

The transaction aligns with TotalEnergies' renewables business model of divesting stakes in operational assets to unlock value while maintaining operational control and continuing to benefit from the cash flows.

Company's Renewable Energy Capacity and Goals

As of the end of June 2025, TotalEnergies has more than 30 GW of installed gross renewable electricity generation capacity and aims to reach 35 GW by the end of 2025, and more than 100 TWh of net electricity production by 2030. TotalEnergies is a global integrated energy company that produces and markets a range of energy sources, including oil and biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity.

The company's more than 100,000 employees are committed to providing as many people as possible with energy that is more reliable, more affordable, and more sustainable. Active in approximately 120 countries, TotalEnergies places sustainability at the heart of its strategy, projects, and operations. The deal represents KKR's continued investment in the energy transition sector, building on the firm's track record of committing more than USD 23 billion to date in energy transition investments through its infrastructure platform.

The partnership provides KKR access to high-quality renewable energy assets with long-term contracts in the North American market.

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