TotalEnergies and KKR Expand U.S. Solar Joint Venture With 700 MW, $1.2 Billion Texas and Ohio Portfolio

TTE said on Monday it is expanding its U.S. renewables joint venture with KKR by adding a 700-megawatt portfolio of three utility-scale solar assets in Texas and Ohio, at an enterprise value of $1.20 billion. TotalEnergies will continue to operate the assets.

The joint venture was created in 2025, when TotalEnergies sold KKR a 50% stake in a 1.4-gigawatt U.S. portfolio at an enterprise value of $1.25 billion, and it currently holds 1.4 GW, according to Reuters. The new assets are expected to reach commercial operation by the first quarter of 2027, and the transaction is expected to close in 2026, subject to customary conditions. Their output is already sold to third parties or will be marketed by TotalEnergies.

The structure lets TotalEnergies keep developing and operating renewables while sharing the capital burden with a financial partner, and gives KKR contracted power assets in two large U.S. markets. Watch for closing, the assets' commercial start dates and whether the partners add further tranches to the venture.