TotalEnergies and KKR Add 700 MW of Texas and Ohio Solar at $1.2 Billion, But Name None of the Three Projects

TotalEnergies and KKR announced on October 12, 2026 that they plan to add a 700 MW solar portfolio to their US joint venture. The portfolio has three utility-scale projects in Texas and Ohio. The transaction values the portfolio at an enterprise value of $1.2 billion. The two companies hold the joint venture on a 50-50 basis. The transaction would expand their jointly owned US solar portfolio from 1.4 GW to approximately 2.1 GW.

The companies expect all three solar facilities to begin commercial operations by the first quarter of 2027. They expect the deal to close during 2026, subject to customary closing conditions. TotalEnergies will continue to operate the three facilities after the transaction closes.

Who buys the power

Electricity from the three facilities has either been contracted for sale to third-party customers or will be marketed directly by TotalEnergies. ESG News reported that the companies did not disclose the share of output under contract, the contract terms or the buyers. ESG News noted that Texas runs one of the largest competitive power markets in the United States and that Ohio is in the PJM market. It said direct marketing adds exposure to wholesale electricity prices.

Why It Matters

This is the second deal between TotalEnergies and KKR in about a year, and the timing differs from the first. In 2025, TotalEnergies said it usually sells up to half of its renewable assets once they reach commercial operation. The three new projects are not yet operating. Their commercial operation target is the first quarter of 2027, after the expected 2026 closing. Yahoo Finance reported that the companies did not give the capacity of each project or its share of the enterprise value. Without project names, outside observers cannot check the interconnection status, the permits or the construction progress behind the 2027 date.

The first deal, in 2025

KKR agreed in September 2025 to buy a 50% stake in a TotalEnergies North American solar portfolio. That transaction valued the portfolio at an enterprise value of $1.25 billion. It held six large-scale solar projects totaling 1.3 GW and 41 distributed generation sites totaling 140 MW, mostly in the US. TotalEnergies was set to receive $950 million at closing, including proceeds from associated refinancing.

Sources

• ESG News, TotalEnergies, KKR to Expand US Solar Portfolio to 2.1 GW in $1.2B Deal
• Yahoo Finance, TotalEnergies and KKR Plan to Add 700 MW of US Solar Capacity to Joint Venture
• pv magazine USA, Utility-scale project roundup
• ESG Today, KKR Acquires 50% Stake in $1.25 Billion North America Solar Portfolio from TotalEnergies

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