Alternative asset and private equity investor KKR announced an agreement to acquire a 50% stake in a portfolio of solar energy assets from TotalEnergies, in a transaction valuing the portfolio at an enterprise value of $1.25 billion.
The portfolio includes six large-scale solar projects totalling 1.3 GW and 41 smaller distributed generation sites adding another 140 MW, primarily based in the U.S.
TotalEnergies is set to receive $950 million at closing, including proceeds from associated refinancing arrangements.
Stéphane Michel, President of Gas, Renewables and Power at TotalEnergies, said:
“We are pleased to enter into this new strategic partnership with KKR in North America, a key deregulated electricity market to expand our integrated business model. Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business.”
Under the agreement, TotalEnergies will maintain a 50% share in the assets and continue operating them. Electricity from the projects has either been sold under existing agreements or will be marketed by TotalEnergies.
TotalEnergies is building a portfolio that combines renewable energy and flexible assets such as storage and gas-fired plants to deliver low-carbon electricity. The company typically sells up to half of its renewable assets once they reach commercial operation to unlock value while managing risk.
The company has so far reached more than 30 GW of installed renewable capacity worldwide as of June 2025 and aims to expand to 35 GW by the end of this year.
The acquisition marks the latest in a series of energy transition and sustainable infrastructure-focused transactions for KKR, and follows the identification by the firm in December 2023 of decarbonization, and the large scale “brown-to-green” transition of asset-heavy sectors in particular, as a key “mega-theme” driving investment opportunities.
Cecilio Velasco, Managing Director of KKR, said:
“TotalEnergies is a renewable energy industry leader globally, and we are thrilled to establish this joint venture with the TotalEnergies team to support their renewables business. We have long been investors in renewables through our infrastructure platform, having committed more than $23 billion to date in energy transition investments. TotalEnergies’ North American solar portfolio is a great fit for us, representing high-quality renewable energy assets with long term contracts.”
