TotalEnergies (EU:TTE) and KKR (NYSE:KKR) have announced plans to expand their US solar energy joint venture through the addition of a 700-megawatt portfolio comprising three utility-scale projects in Texas and Ohio.
The proposed transaction values the portfolio at an enterprise value of $1.2 billion, according to a company statement released on Monday.
The three solar facilities are expected to begin commercial operations by the first quarter of 2027, adding further electricity generation capacity to the companies’ existing renewable energy portfolio in the United States.
TotalEnergies and KKR currently operate a joint venture structured on a 50-50 ownership basis, with an existing portfolio representing 1.4 gigawatts of capacity.
The proposed addition of 700 MW would increase the joint venture’s total capacity to approximately 2.1 gigawatts, assuming the transaction is completed as planned.
According to the announcement, electricity generated by the new solar assets has either already been contracted for sale to third-party customers or will be marketed directly by TotalEnergies.
The French energy group will retain responsibility for operating the three facilities following completion of the transaction.
The companies expect the deal to close during 2026, subject to customary closing conditions.
The transaction forms part of the existing partnership between TotalEnergies and KKR in the US solar market, combining ownership of electricity generation assets with operational management by TotalEnergies.
The companies did not provide further details regarding the individual capacities of the three projects or their respective contributions to the portfolio’s enterprise value.
The planned expansion would increase the joint venture’s solar generation portfolio by 50% compared with its current installed and planned capacity of 1.4 gigawatts.
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