TotalEnergies has signed an agreement with insurance vehicles and accounts managed by KKR for the sale of 50 percent of a 1.4-gigawatt solar portfolio in North America.
The deal involves six utility-scale solar assets with a combined capacity of 1.3 gigawatts and 41 distributed generation assets totaling 140 megawatts, primarily situated in the United States. The electricity production of these projects has either been sold to third parties or will be commercialized by TotalEnergies. The company plans to retain a 50 percent stake in the assets and will continue to operate them after the transaction closes.
This transaction values the portfolio at an enterprise value of $1.25 billion. Because of these transactions and a bank refinancing being finalized, TotalEnergies will receive a total of $950 million at closing.
“We are pleased to enter into this new strategic partnership with KKR in North America, a key deregulated electricity market to expand our integrate
