TotalEnergies has announced the sale of 50% of its solar energy portfolio in North America to global investment firm KKR, in a deal expected to raise approximately $950 million through a combination of asset sale and bank refinancing.
The portfolio includes six utility-scale solar projects and 41 distributed generation assets, the majority of which are located in the United States, according to a statement released by the company on Monday.
Despite the sale, TotalEnergies will retain joint ownership of the portfolio, which has a total capacity of 1.4 gigawatts and an estimated enterprise value of $1.25 billion. The company also confirmed that it will continue to sell a portion of the electricity generated by the assets under long-term contracts.
TotalEnergies described the move as a strategic partnership aimed at accelerating its expansion in North America’s deregulated electricity market, where private players compete to supply power directly to consumers.
“This partnership will support our growth ambitions in the North American power sector,” said Stephane Michel, President of Gas, Renewables & Power at TotalEnergies.
The deal reflects the company’s broader energy transition strategy, which includes ramping up investment in renewables and clean energy technologies, particularly in markets with high growth potential.
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