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Renewable Energy

We’re divesting 50% of 1.4 GW of our solar portfolio in North America – TotalEnergies

By Victor Uchechukwu

Energy Window International (Media) TotalEnergies said it 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. This transaction which it said aligns with its renewables business model weighs well at an enterprise value of $1.25 billion, with TotalEnergies receiving a total of $950 million upon closure of the entire transaction.

The transaction according to the French energy firm covers six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totalling 140 MW, primarily situated in the United States. The electricity production of these projects has either been sold to third parties or will be commercialized by the company, the company said.

TotalEnergies says it will keep a 50% stake in the assets and continue to operate them after the closing of this transaction, which according to it is subject to customary conditions.

“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”, says Stéphane Michel, President of Gas, Renewables & Power. “Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business.”

“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”, says 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.”

TotalEnergies says it is building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. It said there was need to divest 50% of its renewable assets once they attain their commercial values because it has to achieve its 12% profitability target it has set for its Integrated Power business.

TotalEnergies says it has already built a competitive portfolio that will combine renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers.
It added that as of the end of June 2025, it 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.