UNITED STATES OF AMERICA —TotalEnergies and KKR have signed an agreement to expand their US renewable energy joint venture with a portfolio of three utility-scale solar assets in Texas and Ohio, adding 700 MW of capacity. The transaction values the portfolio at $1.2 billion and is expected to close in 2026, subject to customary conditions.
The addition will increase the joint venture's total portfolio from 1.4 GW to 2.1 GW, strengthening its presence in the US solar generation market. The three projects are scheduled to reach commercial operation by the first quarter of 2027. Electricity generated by the assets is already contracted to third-party buyers or will be marketed by TotalEnergies, providing routes to market for the output.
The transaction expands the partnership established by TotalEnergies and KKR in the United States in 2025 on a 50:50 ownership basis. Under the arrangement, TotalEnergies will continue operating the solar assets after the transaction is completed, retaining responsibility for their operational management while sharing ownership with KKR.
The expansion adds generation capacity across two US states and increases the joint venture's exposure to utility-scale solar power. The commercial arrangements for the electricity are relevant to revenue visibility, although the disclosed information does not specify the proportion covered by existing sales agreements, contract durations or pricing terms. These factors will influence the portfolio's future cash flows and exposure to wholesale electricity market movements.
For renewable energy developers and infrastructure investors, the deal illustrates a model in which project ownership and capital investment are shared while an established energy operator continues managing the assets. The $1.2 billion enterprise valuation provides a reference point for the portfolio transaction, but the available information does not disclose the individual asset valuations or financing structure. Completion remains conditional, and the planned commercial operation dates indicate that the portfolio's full generation contribution is expected by early 2027.
TotalEnergies is a global integrated energy company active in oil and gas, electricity and renewable energy. KKR is a global investment firm that invests across multiple asset classes, including infrastructure and energy-related businesses.
