TotalEnergies has agreed to sell a 50 per cent interest in a 1.4 GW solar portfolio in North America to insurance vehicles and accounts managed by KKR, valuing the portfolio at $1.25 billion. The deal is expected to deliver $950 million in proceeds upon closing, including bank refinancing.
The portfolio comprises six utility-scale projects with a combined capacity of 1.3 GW and 41 distributed generation assets totalling 140 MW, primarily located in the United States. Output from these projects is either already contracted or will be marketed by TotalEnergies.
Following the transaction, which remains subject to customary conditions, TotalEnergies will retain a 50 per cent stake and continue to operate the projects.
Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, said: “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. Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business.”
In a separate announcement, TotalEnergies confirmed it will acquire a 49 per cent interest in natural gas-producing assets in the Anadarko Basin, Oklahoma, operated by Continental Resources. The assets are expected to achieve a gross production of around 350 million standard cubic feet per day (MMscfd) by 2030 and sustain that level over the long term, securing approximately 150 MMscfd of net gas production for TotalEnergies.
The French energy major said the acquisition of these low-cost, long-plateau assets—well connected to the Henry Hub via existing midstream infrastructure—will reinforce its integration across the liquefied natural gas value chain in the United States.
