Totalenergies Sells 50% Of North American Solar Portfolio To KKR

2025-09-29 03:06:03

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 29. TotalEnergies has agreed to sell a 50% stake in its 1.4 GW North American solar portfolio to insurance vehicles and accounts managed by global investment firm KKR, Trend reports.

The transaction values the portfolio at an enterprise value of $1.25 billion and, together with bank refinancing, will provide TotalEnergies with $950 million at closing.

The deal covers six utility-scale solar assets with a combined capacity of 1.3 GW and 41 distributed generation assets totaling 140 MW, mainly in the United States. TotalEnergies will retain a 50% stake and continue to operate the projects, which either have pre-sold electricity or will be commercialized by the company.

Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, said the partnership strengthens the profitability of its integrated power business and aligns with the company's strategy of unlocking value from newly commissioned assets.

Cecilio Velasco, Managing Director at KKR, added that the transaction fits the firm's renewable energy investment strategy, noting KKR has committed more than $23 billion to energy transition projects to date.

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