Key Takeaways
- • TotalEnergies and KKR signed an agreement on October 12, 2026 to add 700 MW to their 50/50 U.S. joint venture, which was created in 2025 and currently holds 1.4 GW.
- • The transaction values the three-asset solar portfolio at an enterprise value of $1.2 billion, per TotalEnergies' press release.
- • The solar assets, located in Texas and Ohio, are expected to reach commercial operation by the first quarter of 2027, with completion expected in 2026 subject to customary conditions.
- • TotalEnergies will continue to operate the assets after closing, and their electricity is already sold to third parties or will be marketed by TotalEnergies.
Summary
TotalEnergies and KKR, the global investment firm, announced on October 12, 2026 that they have signed an agreement to add 700 megawatts of renewable capacity to the 50/50 joint venture the two companies formed in the United States in 2025. The JV currently holds 1.4 GW, and the expansion would increase it to roughly 2.1 GW.
The transaction covers a portfolio of three utility-scale solar assets in Texas and Ohio. According to the press release, the assets are expected to reach commercial operation dates by the first quarter of 2027. The electricity they produce is already sold to third parties or will be marketed by TotalEnergies. The transaction reflects an enterprise value of $1.2 billion for the portfolio. Trade coverage described the solar projects as under development.
TotalEnergies will continue to operate the assets after the transaction closes, which is expected in 2026 subject to customary conditions. The deal extends TotalEnergies' push to build a portfolio combining renewables, including solar, onshore wind and offshore wind, with flexible assets such as combined-cycle gas turbines and storage. The company reports more than 37 GW of gross renewable generation capacity as of end-June 2026 and targets over 100 TWh of net electricity production by 2030.
KKR, which describes itself as a leading global investment firm, invests across private equity, credit and real assets. Its insurance subsidiaries operate under Global Atlantic Financial Group.
The transaction covers a portfolio of three utility-scale solar assets in Texas and Ohio. According to the press release, the assets are expected to reach commercial operation dates by the first quarter of 2027. The electricity they produce is already sold to third parties or will be marketed by TotalEnergies. The transaction reflects an enterprise value of $1.2 billion for the portfolio. Trade coverage described the solar projects as under development.
TotalEnergies will continue to operate the assets after the transaction closes, which is expected in 2026 subject to customary conditions. The deal extends TotalEnergies' push to build a portfolio combining renewables, including solar, onshore wind and offshore wind, with flexible assets such as combined-cycle gas turbines and storage. The company reports more than 37 GW of gross renewable generation capacity as of end-June 2026 and targets over 100 TWh of net electricity production by 2030.
KKR, which describes itself as a leading global investment firm, invests across private equity, credit and real assets. Its insurance subsidiaries operate under Global Atlantic Financial Group.
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