KKR has agreed to acquire a 50% interest in a 1.2-gigawatt portfolio of developed solar and onshore wind assets from TotalEnergies. The portfolio carries an enterprise value of €1.8 billion and includes projects located in Germany, Spain, France and Poland. The investment will be made through an insurance account managed by KKR.
TotalEnergies will retain the remaining 50% interest and continue operating the assets following the completion of the transaction.
Electricity generated by the portfolio is either already sold to third-party customers or will be marketed by TotalEnergies.
The transaction reflects TotalEnergies’ strategy of developing renewable energy projects and bringing in financial partners after the assets have reached an advanced stage of development.
This structure allows TotalEnergies to retain operational control and partial ownership while recycling capital into additional energy projects.
For KKR, the deal expands its European infrastructure portfolio and increases its exposure to renewable power assets backed by developed projects and existing or planned electricity sales arrangements.
The transaction is expected to close during 2026, subject to customary conditions.
TotalEnergies had more than 37 gigawatts of gross renewable power generation capacity at the end of June 2026.
The company is targeting more than 100 terawatt-hours of net electricity production by 2030 through a portfolio combining renewable energy with flexible generation and storage assets.
KEY QUOTES:
“This investment reflects our conviction in the long-term fundamentals supporting Europe’s renewable energy sector and the critical role infrastructure will continue to play in the energy transition.”
“We are pleased to complete this new transaction with TotalEnergies and to further expand our investments in Europe.”
Vincent Policard, Co-Head of European Infrastructure at KKR
