TotalEnergies and KKR signed an agreement to add 700 MW of renewable energy assets to their existing 50/50 U.S. joint venture. The transaction covers three utility-scale solar projects located in Texas and Ohio. The portfolio has an enterprise value of $1.2 billion.
The three projects are expected to reach commercial operation by the first quarter of 2027.
Electricity produced by the assets is already contracted to third parties or will be marketed by TotalEnergies.
The transaction expands a joint venture the companies created in 2025.
That platform currently holds 1.4 GW of renewable energy assets.
Following the addition of the new portfolio, the joint venture would increase its total capacity to approximately 2.1 GW.
TotalEnergies will continue operating the assets after completion of the transaction.
The deal is expected to close in 2026, subject to customary conditions.
The transaction further expands TotalEnergies’ U.S. renewable energy footprint while allowing KKR to increase its exposure to operating and near-operating solar infrastructure.
TotalEnergies is building a broader electricity portfolio that combines renewable generation with flexible assets such as combined-cycle gas turbines and energy storage.
As of the end of June 2026, TotalEnergies had more than 37 GW of gross renewable power generation capacity.
The company is targeting more than 100 TWh of net electricity production by 2030.
KKR invests across private equity, credit, real assets, and insurance-related strategies.
The expanded joint venture reflects the firms’ continued investment in large-scale U.S. renewable energy infrastructure.
