TotalEnergies SE has agreed to sell a 50% stake in a 1.4-GW U.S. solar portfolio to KKR & Co., in a deal valuing the assets at $1.25 billion, including debt. The French major will receive about $950 million in cash at closing, with refinancing of the projects underway.
The transaction fits TotalEnergies’ model of selling down portions of renewable projects once they are built, using proceeds to recycle capital and shore up its balance sheet. The move comes as the company’s net debt climbed to $26 billion by mid-2025, partly on weaker oil prices and softer petrochemicals markets.
While renewables divestments make headlines, TotalEnergies is simultaneously reinforcing its upstream position. In a separate announcement, the company said it will acquire a 49% interest in Continental Resources’ producing natural gas assets in Oklahoma. Details of the deal were not disclosed, but it marks a clear continuation of TotalEnergies’ dual strategy—monetizing renewables at maturity while buying into core oil and gas projects to strengthen its base production.
The approach sets Total apart from peers such as Shell and bp, which have scaled back some clean-energy ambitions in recent quarters. TotalEnergies continues to target electricity representing 20% of its energy sales by 2030, but is also leaning heavily on upstream developments to underpin cash flow and long-term growth.
The Oklahoma acquisition underscores this balancing act: securing reliable hydrocarbon output in North America while recycling capital from non-core solar divestments. With oil and gas prices under pressure, the move suggests TotalEnergies is intent on keeping a strong upstream footprint even as it pursues diversification.
