TotalEnergies Sells 700 MW Texas and Ohio Solar Portfolio Into KKR Venture for $1.2 Billion

The three utility-scale solar plants joining the partnership are expected to reach commercial operation by the first quarter of 2027, according to the agreement announced on October 12, 2026. Electricity from the assets is already sold to third parties or will be marketed by TotalEnergies, and the company will continue to operate the plants once the deal closes.

Details of the Transaction

The portfolio carries an enterprise value of USD 1.2 billion. Closing is expected in 2026, subject to customary conditions. After completion, TotalEnergies will remain the operator of all three assets, whose output will either flow to existing third-party buyers or be marketed through the company's own channels.

The assets will be added to the 50/50 joint venture that TotalEnergies and KKR created in the United States in 2025. The venture currently holds 1.4 GW of renewable assets, and the additional 700 MW will expand its holdings across Texas and Ohio, two new states for the partnership.

A Growing Partnership Between Two Energy Players

TotalEnergies and KKR established their American joint venture in 2025 as a vehicle for holding renewables capacity in the United States. The partnership has since accumulated 1.4 GW of renewable assets, and the newly signed agreement represents its largest disclosed expansion, lifting the portfolio with three utility-scale solar plants situated in Texas and Ohio. KKR, a leading global investment firm, offers alternative asset management along with capital markets and insurance solutions.

The firm sponsors funds investing in private equity, credit and real assets, works with strategic partners managing hedge funds, and pursues returns through what it describes as a patient and disciplined investment approach. Its insurance subsidiaries provide retirement, life and reinsurance products under the management of Global Atlantic Financial Group. KKR & Co. Inc. trades on the New York Stock Exchange under the ticker KKR.

Solar Assets Scheduled for Commercial Operation in Early 2027

The timeline attached to the deal indicates that the three plants are not yet in commercial operation. The companies expect them to reach their commercial operation dates by the first quarter of 2027, meaning the portfolio will be contributing revenue to the joint venture shortly after the transaction itself is completed.

Ownership of the assets will pass to the joint venture while TotalEnergies retains the operational role, keeping day-to-day management of the Texas and Ohio sites within the French energy company following completion.

Context for TotalEnergies' Electricity Strategy

The transaction sits within TotalEnergies' broader push into power generation. The company is assembling a portfolio that pairs renewables, solar, onshore wind and offshore wind, with flexible assets such as combined-cycle gas turbines and storage, aiming to deliver clean firm power to customers. As of the end of June 2026, TotalEnergies held more than 37 GW of gross renewable power generation capacity, and it targets more than 100 TWh of net electricity production by 2030.

TotalEnergies describes itself as a global integrated energy company producing and marketing oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. It employs more than 100,000 people and operates in about 120 countries.

The October 12, 2026 announcement of the USD 1.2 billion agreement was made jointly by TotalEnergies and KKR, with the deal structured to add the 700 MW portfolio to their existing US renewables partnership rather than transfer the assets to a new vehicle.