TotalEnergies Expands U.S. Solar Venture With KKR in $1.2 Billion Deal - Crude Oil Prices Today
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TotalEnergies and investment firm KKR have agreed to expand their U.S. renewable energy joint venture with three utility-scale solar projects valued at $1.2 billion, strengthening their partnership in the American electricity market. The agreement will add 700 megawatts (MW) of solar capacity to the companies' equally owned venture, increasing its portfolio by 50% from 1.4 gigawatts (GW) to 2.1 GW. The three projects are located in Texas and Ohio and are expected to begin commercial operations by the first quarter of 2027. Electricity generated by the facilities has either been contracted to third-party buyers or will be marketed directly by TotalEnergies. The transaction is expected to close before the end of 2026, subject to customary conditions. TotalEnergies will retain responsibility for operating the solar facilities following completion. The expansion builds on a partnership established in 2025, when TotalEnergies sold KKR a 50% interest in a 1.4-GW North American solar portfolio valued at $1.25 billion. That transaction included six utility-scale solar projects and 41 smaller distributed generation installations, allowing TotalEnergies to retain operational control while bringing in outside investment. The latest agreement reflects the French energy major's strategy of recycling capital from renewable energy assets while retaining ownership interests and operating...
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