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TotalEnergies sells 50% of North American solar assets for $950 million

TotalEnergies will transfer half of a 1.4 gigawatt solar portfolio to KKR, strengthening its position in the North American power market while securing $950 million through the sale and bank refinancing.

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TotalEnergies announced the sale of 50% of its North American solar portfolio to investment firm KKR & Co Inc., in a transaction valued at $950 million. The deal includes six utility-scale solar projects and forty-one distributed generation assets, located mainly in the United States.

A total valuation of $1.25 billion

The portfolio represents an installed capacity of 1.4 gigawatts and was valued at $1.25 billion, according to the terms of the agreement. TotalEnergies will retain a 50% stake in these assets and will continue to sell part of the electricity produced. The proceeds from the sale, combined with bank refinancing, will provide the French group with significant cash while maintaining a strategic foothold in the sector.

Objective: strengthen operations in a deregulated market

The President of Gas, Renewables and Power at TotalEnergies, Stéphane Michel, said the partnership with KKR would allow the group to continue its development in the North American power market, particularly in deregulated areas. He added that the deal supports the company’s upstream-downstream integration model across the electricity value chain.

A strategic move in a competitive context

The transaction forms part of a series of moves aimed at optimising TotalEnergies’ global energy asset portfolio. By proceeding with this partial sale, the group limits its exposure while consolidating its presence in a fast-growing market. The deal could also help finance other investments in decentralised energy.

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