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TotalEnergies and KKR Expand US Solar Joint Venture with $1.2B Deal

BullishMedium impact
TTE€78.09 −0.56%

French energy producer TotalEnergies SE (TTE) and private equity firm KKR have agreed to add 700 megawatts of solar capacity to their 50/50 U.S. joint venture. The expansion carries an enterprise value of $1.2 billion and builds on a partnership formed in 2025 that already managed 1.4 gigawatts of renewable assets. TotalEnergies SE shares dipped 0.22% to 78.36 EUR in recent trading.

The new portfolio includes solar development projects in Texas and Ohio, expanding the joint venture's presence in key American electricity markets with growing power demand. Electricity generated from the facilities will be sold under power agreements or marketed directly to customers, providing clearer revenue visibility and expanding the asset base.

The transaction is expected to close in 2026, subject to customary closing conditions. Commercial operation for the new solar sites is targeted for the first quarter of 2027, when the projects are scheduled to begin generating cash flows. Investors will be watching for confirmed power purchase terms and financing arrangements.

Key points

  • TotalEnergies SE and KKR are expanding their 50/50 U.S. solar joint venture by adding 700 megawatts of capacity.
  • The expanded deal reflects an enterprise value of $1.2 billion for the additional assets.
  • The solar projects are located in Texas and Ohio, with power set to be sold or marketed to customers.
  • Transaction completion is expected in 2026, with facilities coming online by the first quarter of 2027.
  • The agreement expands on a 2025 joint venture that previously held 1.4 gigawatts of renewable portfolio capacity.

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Questions and answers

What is the value of the TotalEnergies and KKR U.S. solar deal?

The deal adds 700 megawatts of solar capacity to the joint venture at a total enterprise value of $1.2 billion.

Where are the new TotalEnergies solar projects located?

The new solar development assets are located in Texas and Ohio, targeting major power markets with high electricity demand.

When will the new TotalEnergies and KKR solar projects open?

The transaction is expected to complete in 2026, with commercial operations planned to start by the first quarter of 2027.