TotalEnergies has entered into an agreement with insurance vehicles and accounts managed by KKR, a leading global investment firm, for the sale of a 50 percent stake in a 1.4 GW solar portfolio in North America. The transaction values the portfolio at an enterprise value of US$1.25 billion, with TotalEnergies set to receive US$950 million at closing, subject to customary conditions.

The portfolio comprises six utility-scale solar assets totaling 1.3 GW and 41 distributed generation assets amounting to 140 MW, primarily located in the United States. TotalEnergies will retain a 50 percent stake and continue to operate the assets post-transaction.

This strategic partnership enables TotalEnergies to unlock value from newly commissioned assets and further strengthen the profitability of its Integrated Power business, while KKR expands its renewables footprint, having committed over US$23 billion to energy transition investments globally. The transaction aligns with TotalEnergies’ business model of divesting up to 50 percent of its renewable assets upon reaching commercial operation and de-risking.

Bennett Jones and Kirkland & Ellis are acting as Canadian and US counsel, respectively, to KKR.