TotalEnergies SE has signed an settlement to farm down 50 % of a 1.4-gigawatt (GW) photo voltaic portfolio in North America to Kohlberg Kravis Roberts & Co LP (KKR).
The transaction offers the belongings an enterprise worth of $1.25 billion. TotalEnergies expects to obtain $950 million, it mentioned in an announcement on its web site.
“The transaction covers six utility-scale photo voltaic belongings with a mixed capability of 1.3 GW, and 41 distributed era belongings totaling 140 megawatts, primarily located in america”, the French built-in power firm mentioned. “The electrical energy manufacturing of those tasks has both been offered to 3rd events or will likely be commercialized by TotalEnergies”.
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It mentioned it should retain 50 % and proceed to function the belongings.
“We’re happy to enter into this new strategic partnership with KKR in North America, a key deregulated electrical energy market to develop our built-in enterprise mannequin”, mentioned Stephane Michel, president for gasoline, renewables and energy at TotalEnergies. “Aligned with our technique, this transaction unlocks worth from newly commissioned belongings and additional strengthens the profitability of our Built-in Energy enterprise”.
Cecilio Velasco, managing director of New York Metropolis-based international investor KKR, mentioned, “We’ve got lengthy been buyers in renewables by means of our infrastructure platform, having dedicated greater than $23 billion so far in power transition investments. TotalEnergies’ North American photo voltaic portfolio is a good match for us, representing high-quality renewable power belongings with long-term contracts”.
On Tuesday TotalEnergies mentioned it had accomplished the sale of fifty % of a 270-megawatt (MW) wind and photo voltaic portfolio in France, valued EUR 265 million ($311.16 million), to Eiffel Funding Group. It retains 50 % and stays operator.
TotalEnergies says it’s constructing “a aggressive portfolio that mixes renewables (photo voltaic, onshore wind, offshore wind) and versatile belongings (CCGT, storage) to ship clear agency energy to its prospects”.
“To attain the 12 % profitability goal it units for its Built-in Energy enterprise, TotalEnergies divests as much as 50 % of its renewable belongings as soon as they attain business operation date and are derisked, permitting the corporate to maximise asset worth and handle dangers”, it says.
Earlier this 12 months TotalEnergies accomplished the sale of fifty % of its 604-MW wind, photo voltaic and hydro portfolio in Portugal to a consortium of MM Capital Companions 2 Co Ltd, Daiwa Vitality & Infrastructure Co Ltd and Mizuho Leasing Co Ltd for proceeds of EUR 178.5 million.
“Following this transaction, TotalEnergies will retain a 50 % stake and proceed to function the belongings”, TotalEnergies mentioned in an announcement July 2. “Moreover, as soon as the regulated tariffs they profit from expire, TotalEnergies will buy the manufacturing of those belongings, which have a mean age of 16 years, and can deal with their commercialization”.
Late final 12 months TotalEnergies signed a deal to farm down 50 % in a portfolio of photo voltaic and battery storage tasks with two GW of mixture capability in Texas. TotaEnergies expects $800 million in proceeds from the sale to New York Metropolis-based Apollo International Administration Inc, TotalEnergies mentioned in an announcement December 4, 2024.
The transaction consists of three photo voltaic tasks with a complete capability of 1.7 GW and two battery storage tasks with an mixture capability of 300 MW.
TotalEnergies will retain 50 % and stay as operator.
TotalEnergies had 27.8 GW of put in renewable era capability as of June 2025, based on its quarterly report.
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