TotalEnergies to Divest 50% of its 1.4 GW Solar Portfolio in North America
The company will receive $950 million from this transaction
September 29, 2025
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France-based diversified multinational energy company TotalEnergies is selling 50% of its 1.4 GW solar portfolio in North America to global investment firm KKR for an enterprise value of $1.25 billion.
It has signed an agreement with KKR and insurance vehicles for the sale.
TotalEnergies said it will receive $950 million at closing from these transactions, as well as the bank refinancing currently being finalized.
The agreement encompasses six utility-scale solar assets with a combined capacity of 1.3 GW and 41 distributed generation assets with a total capacity of 140 MW, primarily located in the U.S.
TotalEnergies has sold some of the electricity generated by these projects to third parties and will commercialize the remaining amount.
It will retain a 50% stake in these assets. Subject to customary conditions, the company will continue to operate the projects after the transaction’s closing.
TotalEnergies stated that it is building a portfolio combining renewables (including solar, onshore wind, offshore wind) and flexible assets (including combined cycle gas turbine and storage) to provide its customers with clean, firm energy.
The company has set a 12% profitability target for such projects. To achieve this target, it divests up to 50% of its renewable assets at their commercial operation date, once they are derisked.
Stéphane Michel, President of Gas, Renewables, and Power at TotalEnergies, said, “Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business.”
As of June 2025, TotalEnergies has a portfolio of over 30 GW of installed gross renewable electricity generation capacity.
In December 2024, TotalEnergies announced the sale of a 50% stake in a 2 GW portfolio of solar and battery energy storage projects in Texas to Apollo, a New York-based asset management firm. The portfolio consists of three solar projects with a total capacity of 1.7 GW and two battery storage projects with a cumulative capacity of 300 MW.
