On September 29, 2025, TotalEnergies SE signed an agreement with insurance vehicles and accounts managed by KKR, a leading global investment firm, for the sale of a 50 percent interest in a 1.4 GW solar portfolio in North America. The transaction values the portfolio at an enterprise value of US$1.25 billion, with TotalEnergies expected to receive a total of US$950 million at closing, including proceeds from an associated bank refinancing. The transaction remains subject to customary closing conditions.
The portfolio comprises six utility-scale solar assets with a combined capacity of 1.3 GW and 41 distributed generation assets totalling 140 MW, primarily situated in the United States. The electricity produced by these projects has either been sold to third parties or will be commercialized by TotalEnergies. Following closing, TotalEnergies will retain a 50 percent stake in the assets and continue to operate them, with the two partners holding the portfolio through a joint venture.
The transaction aligns with TotalEnergies' Integrated Power business model, under which it divests up to 50 percent of its renewable assets once they reach commercial operation and are de-risked, allowing the company to unlock value from newly commissioned assets while retaining operating control. For KKR, which has committed more than US$23 billion to energy transition investments through its infrastructure platform, the partnership expands its renewables footprint in a key North American deregulated electricity market.
Bennett Jones LLP acted as Canadian counsel to KKR, and Kirkland & Ellis LLP acted as US counsel to KKR.
The Bennett Jones team was led by John Mercury (Private Equity, M&A) and included John Lawless, James McClary, Rebecca Taylor, and Cole Shrimpton (M&A); Anu Nijhawan and Spencer Brown (Tax); David Macaulay and Jessica Kennedy (Energy Regulatory); Adam Kalbfleisch and Kolding Larson (Competition/Antitrust); and Jeremy Russell (Banking).