TotalEnergies and investment firm KKR have agreed to expand their U.S. renewable energy joint venture with three utility-scale solar projects valued at $1.2 billion, strengthening their partnership in the American electricity market.
The agreement will add 700 megawatts (MW) of solar capacity to the companies’ equally owned venture, increasing its portfolio by 50% from 1.4 gigawatts (GW) to 2.1 GW.
The three projects are located in Texas and Ohio and are expected to begin commercial operations by the first quarter of 2027. Electricity generated by the facilities has either been contracted to third-party buyers or will be marketed directly by TotalEnergies.
The transaction is expected to close before the end of 2026, subject to customary conditions. TotalEnergies will retain responsibility for operating the solar facilities following completion.
The expansion builds on a partnership established in 2025, when TotalEnergies sold KKR a 50% interest in a 1.4-GW North American solar portfolio valued at $1.25 billion. That transaction included six utility-scale solar projects and 41 smaller distributed generation installations, allowing TotalEnergies to retain operational control while bringing in outside investment.
The latest agreement reflects the French energy major’s strategy of recycling capital from renewable energy assets while retaining ownership interests and operating responsibilities. Such arrangements enable TotalEnergies to finance additional electricity generation projects without bearing their full capital requirements.
The companies have also extended their renewable energy collaboration into Europe. In August 2026, TotalEnergies announced an agreement to sell KKR a 50% stake in a 1.2-GW portfolio of solar and wind assets across Germany, Spain, France and Poland, with the portfolio valued at €1.8 billion.
The new U.S. investment comes as TotalEnergies continues expanding its electricity business alongside its traditional oil and gas operations. By the end of June 2026, the company reported more than 37 GW of gross renewable power generation capacity.
TotalEnergies is targeting more than 100 terawatt-hours of annual net electricity production by 2030, combining renewable generation with flexible power assets, including natural gas-fired generation and energy storage.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com
Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you’ll always know why the market is moving before everyone else.
You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions – and we’ll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
