TotalEnergies and global investment firm KKR have signed an agreement to add 700 megawatts (MW) of renewable energy capacity to their 50:50 joint venture in the United States. The joint venture, established in 2025, currently holds a 1.4-gigawatt (GW) portfolio. The latest transaction covers three utility-scale solar projects located in Texas and Ohio, which are expected to reach commercial operation by the first quarter of 2027.
The portfolio has an enterprise value of $1.2 billion. Electricity generated by the projects has already been contracted to third parties or will be marketed by TotalEnergies. TotalEnergies will continue operating the assets after the transaction is completed. Completion is expected in 2026, subject to customary conditions.
The expansion builds on the partnership formed in 2025, when TotalEnergies and KKR established the joint venture to hold a portfolio of 1.4 GW of solar assets in North America. The latest agreement will increase the venture’s renewable energy holdings and broaden its presence in the US solar market.
TotalEnergies is developing a portfolio that combines renewable generation, including solar and onshore and offshore wind, with flexible power assets such as combined-cycle gas-fired power plants and energy storage. The company aims to supply electricity to customers through a mix of generation sources and supporting infrastructure.
By the end of June 2026, TotalEnergies had more than 37 GW of gross renewable power generation capacity. The company has set a target of producing more than 100 terawatt-hours of net electricity annually by 2030. KKR invests across private equity, credit and real assets and also provides capital markets and insurance solutions. Its investment activities include funds and insurance subsidiaries, with Global Atlantic Financial Group providing retirement, life and reinsurance products.
The transaction will add projects at different stages of development to the joint venture, with the three solar assets expected to become operational by early 2027. TotalEnergies will retain responsibility for operating the portfolio after completion, while electricity sales will be managed through existing third-party arrangements or marketing by the energy company. The agreement reflects the companies’ continued participation in the US renewable energy market through a shared investment structure combining TotalEnergies’ energy-sector and operational capabilities with KKR’s investment expertise.
TotalEnergies is a global integrated energy company operating in approximately 120 countries. Its businesses include oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewable energy and electricity. The company employs more than 100,000 people and is developing a portfolio intended to provide reliable and lower-carbon energy.
KKR is a global investment firm that manages alternative investment assets and provides capital markets and insurance solutions. Its investment activities span private equity, credit and real assets, alongside insurance operations through Global Atlantic Financial Group.
