TotalEnergies and global investment firm KKR will expand their joint venture in the United States, adding 700 megawatts (MW) of utility-scale solar projects to their existing partnership.
The deal carries an enterprise value of US$1.2 billion (AU$1.8 billion) for the incoming assets. It marks a significant expansion for the 50/50 joint venture established between the two companies in 2025, lifting its total capacity from 1.4 gigawatts (GW) to 2.1 GW.
The new portfolio consists of three large-scale solar power facilities located in Texas and Ohio. All three projects are currently under development and are scheduled to reach commercial operation by the first quarter of 2027.
Under the agreement, electricity generated by the assets has either already been pre-sold to third parties through off-take agreements or will be marketed directly by TotalEnergies.
Despite transferring partial ownership into the co-owned structure, TotalEnergies will retain full operational management of the solar sites following completion of the deal.
The transaction is expected to close in 2026, subject to customary regulatory approvals and closing conditions.
The original agreement covers six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totalling 140 MW, primarily situated in the United States.
The agreement reinforces TotalEnergies’ strategy of building out its US renewable energy presence alongside institutional capital partners, allowing the French oil major to de-risk development capital while scaling its power generation capacity.
By the end of June, TotalEnergies holds more than 37 GW of gross renewable power generation capacity and aims to achieve over 100 TWh of net electricity production by 2030.
For KKR, the expanded partnership provides further exposure to North American infrastructure and sustainable real assets.