Key Takeaways
- • TotalEnergies and KKR signed an agreement to add 700 MW of utility-scale solar capacity to their 50/50 U.S. joint venture, which was created in 2025 and currently holds 1.4 GW, according to a TotalEnergies/KKR joint announcement distributed via Business Wire.
- • The transaction covers three utility-scale solar assets located in Texas and Ohio, with an enterprise value of $1.2 billion for the portfolio.
- • The assets are expected to reach commercial operation by the first quarter of 2027, and the deal is expected to close in 2026, subject to customary conditions.
- • Electricity from the assets is already sold to third parties or will be marketed by TotalEnergies, which will continue to operate the assets after completion.
- • The deal extends a partnership in which KKR takes a 50% stake in TotalEnergies' U.S. renewables platform, reflecting continued institutional capital appetite for contracted U.S. solar.
Summary
TotalEnergies and KKR, the global investment firm, announced the signing of an agreement to add 700 megawatts to the 50/50 joint venture they established in the United States in 2025. With the addition, the joint venture will hold 1.4 GW of capacity, according to the companies' joint announcement distributed via Business Wire.
The transaction covers a portfolio of three utility-scale solar assets located in Texas and Ohio. The companies report an enterprise value of $1.2 billion for the portfolio. The assets are expected to reach commercial operation dates by the first quarter of 2027. Electricity produced by the assets is already sold to third parties or will be marketed by TotalEnergies.
TotalEnergies will continue to operate the assets after completion of the transaction, which is expected in 2026, subject to customary closing conditions. The deal is framed within TotalEnergies' broader strategy of building a portfolio that combines renewables and flexible assets. The company reports more than 37 GW of gross renewable power generation capacity as of the end of June 2026 and aims for over 100 TWh of net electricity production by 2030.
For KKR, the transaction adds to a growing position in renewable real assets through its private markets platform. Coverage of the announcement notes the deal as an expansion of an existing joint venture rather than a new platform, and the full terms beyond the disclosed enterprise value and asset details were not available in the sources reviewed.
The transaction covers a portfolio of three utility-scale solar assets located in Texas and Ohio. The companies report an enterprise value of $1.2 billion for the portfolio. The assets are expected to reach commercial operation dates by the first quarter of 2027. Electricity produced by the assets is already sold to third parties or will be marketed by TotalEnergies.
TotalEnergies will continue to operate the assets after completion of the transaction, which is expected in 2026, subject to customary closing conditions. The deal is framed within TotalEnergies' broader strategy of building a portfolio that combines renewables and flexible assets. The company reports more than 37 GW of gross renewable power generation capacity as of the end of June 2026 and aims for over 100 TWh of net electricity production by 2030.
For KKR, the transaction adds to a growing position in renewable real assets through its private markets platform. Coverage of the announcement notes the deal as an expansion of an existing joint venture rather than a new platform, and the full terms beyond the disclosed enterprise value and asset details were not available in the sources reviewed.
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