TotalEnergies to sell 50% of North American solar portfolio

TotalEnergies (TTE) has signed an agreement with insurance vehicles and accounts managed by KKR (KKR) for the sale of 50% of a 1.4 GW solar portfolio in North America. This transaction – which aligns with TotalEnergies’ renewables business model – values the portfolio at an enterprise value of $1.25B. Thanks to these transactions and the bank refinancing currently being finalized, TotalEnergies will receive a total of $950M at closing. The transaction covers six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totaling 140 MW, primarily situated in the United States. The electricity production of these projects has either been sold to third parties or will be commercialized by TotalEnergies. TotalEnergies will keep a 50% stake in the assets and continue to operate them after the closing of this transaction, which is subject to customary conditions. “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,” said Stephane Michel, President of Gas, Renewables & Power at TotalEnergies.