TotalEnergies and KKR Add 700 MW of Solar Capacity in the United States for $1.2 Billion
On October 12, 2026, TotalEnergies and investment firm KKR announced the expansion of their equally-held joint venture in the United States. Three solar power plants located in Texas and Ohio, valued at $1.2 billion in enterprise value, are set to join this portfolio.
Three Solar Power Plants in Texas and Ohio Join the Joint Venture
The agreement signed by the two partners provides for the addition of 700 MW to their joint venture (50/50), which was created in 2025 in the United States and currently holds 1.4 GW of capacity. The transaction concerns a portfolio of three large-scale solar power plants located in Texas and Ohio. These assets are not yet in operation: they are expected to be commissioned by the first quarter of 2027.
Closing Expected in 2026, Subject to Customary Conditions
The agreement has been signed; the closing of the transaction is expected in 2026 and remains subject to customary conditions. The portfolio is valued at $1.2 billion in enterprise value, a figure that corresponds to the valuation of the assets and not to revenue.
TotalEnergies as Operator and Power Marketer
Following the closing, TotalEnergies will continue to operate these power plants. The electricity they produce is already being sold to third parties or will be marketed by TotalEnergies. The operation is part of the development of the group's electricity business, which had more than 37 GW of gross renewable electricity production capacity as of the end of June 2026. TotalEnergies has set the ambition of achieving net electricity production of more than 100 TWh by 2030.
