TotalEnergies and KKR expand U.S. renewable JV with $1.2B solar acquisition

TotalEnergies and KKR are set to expand their collaborative US solar venture by a significant 700 megawatts, according to a recent company statement. The agreement encompasses three utility-scale solar assets situated in Texas and Ohio. These projects are anticipated to commence commercial operations by the first quarter of 2027. The electricity produced by these assets has already been sold to external entities or will be marketed by TotalEnergies.

This expansion holds an enterprise value of $1.2 billion and TotalEnergies commits to operating the assets post-transaction completion, expected by 2026 subject to usual conditions. Presently, the 50-50 joint venture between TotalEnergies and KKR manages a combined 1.4 gigawatts of capacity.