TotalEnergies, KKR Add 700 MW of Solar to U.S. JV

TotalEnergies and KKR agreed to add 700 megawatts of solar capacity to their jointly owned U.S. investment platform. The transaction covers three utility-scale solar assets in Texas and Ohio with a combined enterprise value of $1.2 billion.

The addition would increase the venture’s portfolio from approximately 1.4 gigawatts to 2.1 gigawatts. The companies retain equal ownership of the partnership.

The projects are expected to reach commercial operation by the first quarter of 2027. Electricity generated by the assets has either been sold to third parties or will be marketed by TotalEnergies.

The transaction is expected to close in 2026, subject to customary conditions. TotalEnergies will continue operating the assets following completion.

The agreement builds on a partnership announced in September 2025, when TotalEnergies agreed to sell insurance vehicles and accounts managed by KKR a 50% interest in a North American solar portfolio.

That original transaction valued the portfolio at $1.25 billion and included six utility-scale projects totaling approximately 1.3 gigawatts, plus 41 distributed generation assets with 140 megawatts of capacity.

TotalEnergies said the original sale, together with bank refinancing, would generate $950 million in proceeds.

Globally, the company reported more than 37 gigawatts of gross renewable generation capacity at the end of June 2026. It targets more than 100 terawatt-hours of net electricity production by 2030.