TLDR
- TotalEnergies and KKR are adding 700 MW of solar capacity to their US joint venture.
- The portfolio has an enterprise value of $1.2 billion.
- It includes three utility-scale solar assets in Texas and Ohio.
- The assets are expected to start commercial operation by the first quarter of 2027.
- The 50-50 joint venture, created in 2025, currently holds 1.4 GW.
TotalEnergies (TTEF.PA) said on Monday it is expanding its US joint venture with KKR (KKR). The additional renewables portfolio has an enterprise value of $1.2 billion. KKR stock was up about 2% on the day, while TotalEnergies traded flat.
The deal covers three utility-scale solar assets in Texas and Ohio. Together they add 700 megawatts to the venture.
The companies set up the 50-50 joint venture in 2025. It currently holds 1.4 gigawatts of capacity, so the new assets would increase that by half.
TOTALENERGIES EXPANDS KKR JOINT VENTURE WITH ADDITION OF 700 MW RENEWABLE ENERGY PORTFOLIO IN THE US
— First Squawk (@FirstSquawk) October 12, 2026
The joint venture has been a steady vehicle for the French oil and gas major’s US push. This latest step adds more solar to the mix.
What the deal includes
All three solar assets are expected to reach commercial operation by the first quarter of 2027. That gives the projects a timeline of roughly a few quarters from now.
The electricity from the assets is already sold to third parties or will be marketed by TotalEnergies. That means the output has buyers lined up or a seller in place.
TotalEnergies will continue to operate the assets after the transaction is completed. KKR stays on as its 50-50 partner in the venture.
The portfolio’s enterprise value is put at $1.2 billion. That figure covers the three assets as a package.
Completion of the transaction is expected in 2026. It is subject to customary conditions.
How the venture got here
The joint venture was created in 2025 with 1.4 gigawatts of capacity. The new deal takes the total to about 2.1 gigawatts once the assets are included.
Texas and Ohio are the two states named in this round. The assets there are utility-scale, meaning they are built to feed power into the grid at larger volumes.
Reuters reported the news on Monday, and Investing.com cited a company statement released the same day. Both outlets gave the same core figures on size, value and timing.
KKR’s stock moved higher in Monday’s session, rising about 2%. TotalEnergies shares in Paris were little changed, up 0.01%.
Investors will now look to the completion of the deal later this year. The first of the three solar assets is due to start commercial operation by the first quarter of 2027.
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