TotalEnergies and KKR will expand their 50/50 U.S. joint venture. They will add a 700-megawatt (MW) renewables portfolio. The transaction carries an enterprise value of $1.2 billion. It includes three utility-scale solar assets. These assets are located in Texas and Ohio. This addition will increase the joint venture's total capacity from 1.4 GW to 2.1 GW.
The projects are expected to become commercially operational by the first quarter of 2027. The generated electricity is either already sold to third parties or will be marketed by TotalEnergies. TotalEnergies will also continue to operate the assets. The deal is anticipated to close in 2026. It remains subject to customary conditions. This aligns with TotalEnergies' strategy to grow its renewable power generation.