TotalEnergies and global investment firm KKR have agreed to add 700 megawatts (MW) of renewable energy capacity to their US joint venture (JV), increasing its total portfolio from 1.4 gigawatts (GW) to 2.1 GW, according to a statement issued on October 12.
The deal covers three utility-scale solar projects in Texas and Ohio, the company said.
The projects are expected to begin commercial operations by the first quarter of 2027, with the portfolio valued at $1.2 bn on an enterprise-value basis.
Under the agreement, electricity generated by the projects has already been sold to third parties or will be marketed by TotalEnergies.
The company said that it will also continue to operate the assets after the transaction closes, which is expected in 2026, subject to customary conditions.
The US deal follows a similar agreement in Europe. In August 2026, TotalEnergies agreed to sell KKR a 50% stake in a 1.2 GW portfolio of onshore solar and wind assets across Germany, Spain, France, and Poland. The portfolio has an enterprise value of €1.8 bn, and the transaction is expected to close in 2026, subject to customary conditions.
KKR is a global investment firm that invests in private equity, credit, and real assets. It also provides capital markets and insurance solutions, including through its insurance subsidiaries under Global Atlantic Financial Group.
