French energy major TotalEnergies has announced an expansion of its US renewable energy joint venture with global investment firm KKR, adding a portfolio of utility-scale solar assets valued at $1.2 billion.
The transaction adds three solar projects located across Texas and Ohio, contributing 700 megawatts (MW) of capacity to the joint venture established by the two firms in 2025. The addition brings the partnership’s total combined portfolio capacity to 2.1 gigawatts (GW).
Under the terms of the agreement, TotalEnergies will retain operational management of the facilities following the expected transaction closing later in 2026.
Key operational and commercial highlights include:
- Capacity expansion: Addition of 700 MW across three utility-scale solar farms in Texas and Ohio, expanding the joint venture’s platform from 1.4 GW to 2.1 GW.
- Commercialisation strategy: Generated power is secured through existing third-party off-take agreements or will be commercialized directly via TotalEnergies’ trading and power marketing division.
- Project timelines: All three solar assets are currently under development and are scheduled to achieve full commercial operation by the first quarter of 2027.
- Asset management: TotalEnergies will continue to serve as the long-term operator of the physical assets post-closing.
The expansion aligns with TotalEnergies’ broader strategy to scale its integrated power business in North America while leveraging institutional capital partnerships to optimize balance sheet exposure.
