Total will retain the remaining stake and continue to operate it after the closing of the deal.
French energy major TotalEnergies (TTE) said on Monday that it will sell half of its entire North American solar portfolio to private equity firm KKR & Co for $950 million.
The transaction encompasses six utility-scale solar assets with a combined capacity of 1.3 gigawatt (GW) and 41 distributed generation assets totaling 140 megawatt (MW), primarily located in the U.S. Total will retain the remaining stake and continue to operate it after the closing of the deal. The deal values the portfolio at an enterprise value of $1.25 billion.
The move aligns with Total’s pledge to divest up to 50% of its renewable assets once they reach their commercial operation date and are de-risked. Last year, it sold half of its stake in a giant offshore wind farm in the UK.
“Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business,” Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, said in a statement. At the same time, KKR dubbed the assets as ‘high quality’ with long-term contracts.
Retail sentiment on Stocktwits about TotalEnergies was in the ‘neutral’ territory at the time of writing.
The deal will help it pay down its debt, which soared to $26 billion as of June 30. The company has also pledged to slow share buybacks in 2026, citing economic conditions and the volatility in oil prices.
Separately, Total said it plans to acquire a 49% interest in natural gas-producing assets owned and operated by Continental Resources in the Anadarko Basin, Oklahoma. Total, the third-largest player in the liquefied natural gas industry globally, stated that the assets could enable the company to produce 150 million cubic feet per day of natural gas.
The acquisition follows two additional deals the company closed in the Eagle Ford Basin in the U.S., amid soaring demand for LNG in the country. The administration of President Donald Trump has encouraged more drilling and eased restrictions on the fossil fuel industry while curbing renewable energy projects.
TotalEnergies’ U.S. shares have gained 14.8% this year.
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