TotalEnergies and KKR expand US solar venture with $1.2bn portfolio

TotalEnergies and KKR have signed an agreement to add three solar projects in Texas and Ohio to their US joint venture, valuing the additional portfolio at $1.2 billion. The proposed expansion would increase the venture’s capacity by 50%, from 1.4 GW to 2.1 GW.

Announced on October 12, 2026, the agreement covers 700 MW of utility-scale solar capacity expected to reach commercial operation by the first quarter of 2027. The transaction is expected to close during 2026, subject to customary conditions. TotalEnergies will continue to operate the assets after completion.

For the French energy group, the deal expands an existing US partnership rather than opening a new market. It combines shared ownership with a continuing operational role and, for some electricity output, a marketing role—linking investment in generation assets to TotalEnergies’ broader power business.

A larger portfolio, not yet operating capacity

The $1.2 billion figure is the enterprise value of the three-project portfolio, not a disclosed cash payment by KKR. The announcement does not specify the consideration paid by either partner, the financing structure or the individual projects’ capacities and valuations.

The distinction between the transaction’s closing and the projects’ commissioning also matters. Although the partners expect to complete the deal in 2026, the stated deadline for commercial operation extends into the first quarter of 2027. The additional 700 MW should therefore not be read as capacity already generating electricity.

According to the joint announcement, electricity from the assets has either already been sold to third parties or will be marketed by TotalEnergies. The companies did not disclose the split between those arrangements, customer identities or contract terms. Those details would be needed to assess how much of the portfolio’s future revenue is already secured.

Building on a transatlantic partnership

TotalEnergies and KKR established their 50/50 US joint venture in 2025. As reported by Rigzone, that transaction involved TotalEnergies selling a half stake in a solar portfolio described as 1.4 GW, at an enterprise value of $1.25 billion.

The original portfolio included six utility-scale solar assets with a combined capacity of 1.3 GW and 41 distributed-generation assets totaling 140 MW, primarily in the United States. The new agreement adds another substantial tranche of utility-scale projects to that platform.

The relationship also extends to Europe. In August 2026, TotalEnergies agreed to sell KKR a 50% stake in a 1.2 GW portfolio of largely developed European onshore solar and wind projects. That agreement valued the assets at €1.8 billion, according to Rigzone’s account of the companies’ announcement.

Taken together, the transactions show that shared ownership with KKR is a recurring approach across TotalEnergies’ renewable-energy business, rather than a structure used only for its US expansion. In the latest US deal, TotalEnergies explicitly retains the operator role despite sharing ownership equally.

The US role in a broader electricity strategy

TotalEnergies reported more than 37 GW of gross renewable generation capacity worldwide at the end of June 2026. Its stated electricity strategy combines solar and wind with flexible assets, including combined-cycle gas generation and storage, to supply customers with firm power.

The Texas and Ohio projects add scale to that strategy in the United States without changing the venture’s equal-ownership model. The immediate test is execution: closing the transaction and bringing the three facilities into commercial operation on schedule. Beyond that, the deal strengthens a US platform through which TotalEnergies can both operate generation assets and market their output.