Utility-Scale Solar Portfolios

TotalEnergies and KKR signed an agreement to add 700 MW of utility-scale solar to the 50/50 joint venture they created in the U.S. in 2025, which currently holds 1.4 GW. The portfolio covers three solar assets in Texas and Ohio expected to reach commercial operation by the fourth quarter of 2027.

The transaction reflects an enterprise value of $1.2 billion. The assets' electricity is already sold to multiple third parties or will be marketed by TotalEnergies, which will continue operating them after completion, expected in 2026 and is subject to customary conditions.

This deal shows how joint ventures with institutional investors can fund solar buildout while operators retain long-term roles, letting owners sell down stakes without losing hands-on operating experience at the sites.