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 transaction will expand the portfolio of the partnership, established in 2025, which currently holds 1.4 gigawatts (GW) of capacity.
The additional portfolio comprises three utility-scale solar projects located in Texas and Ohio. The assets are expected to reach commercial operation by the first quarter of 2027. The transaction values the portfolio at 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 to operate the assets after the transaction is completed. Closing is expected in 2026, subject to customary conditions. The expansion adds to the renewable energy assets held by the TotalEnergies-KKR partnership and increases its presence in the U.S. solar power market. Utility-scale solar projects form part of the wider development of renewable electricity generation in the country, where power producers are building capacity to serve utilities and other electricity buyers.
Under the agreement, the three projects will become part of the existing joint venture. The 50:50 ownership structure will remain the basis of the partnership, which was created in 2025 to hold a portfolio of renewable energy assets in the United States. TotalEnergies will retain responsibility for operating the assets following completion. The company will also market electricity from projects where sales arrangements have not already been finalised.
The expected commercial operation dates in early 2027 mean the portfolio will add generation capacity as the projects enter service. The transaction’s completion remains subject to the required conditions being met.
The agreement reflects the companies’ continued cooperation in U.S. renewable energy. For TotalEnergies, the deal adds to its portfolio of solar assets and its role in operating renewable energy projects. For KKR, the transaction expands the portfolio held through its joint venture with the energy company.
TotalEnergies is a global integrated energy company involved in the production and supply of energy, including oil and biofuels, natural gas, biogas, low-carbon hydrogen, renewables and electricity. The company operates across the energy value chain, from production and transformation to trading and distribution. KKR is a global investment firm that manages alternative asset classes, including private equity, credit and real assets. The firm invests across sectors and regions on behalf of institutional and individual investors.
