REG-TotalEnergies SE Renewables: TotalEnergies Divests 50% of 1.4 GW Solar Portfolio in North America

TotalEnergies SEAnnouncement

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Renewables: TotalEnergies Divests 50% of 1.4 GW Solar Portfolio in North
America

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement with
insurance vehicles and accounts managed by KKR, a leading global investment
firm, for the sale of 50% of a 1.4 GW solar portfolio in North America. This
transaction – which aligns with TotalEnergies’ renewables business model
– values the portfolio at an enterprise value of $1.25 billion. Thanks to
these transactions and the bank refinancing currently being finalized,
TotalEnergies will receive a total of $950 million at closing.

The transaction covers six utility-scale solar assets with a combined capacity
of 1.3 GW, and 41 distributed generation assets totalling 140 MW, primarily
situated in the United States. The electricity production of these projects
has either been sold to third parties or will be commercialized by
TotalEnergies.

TotalEnergies will keep a 50% stake in the assets and continue to operate them
after the closing of this transaction, which is subject to customary
conditions.

“We are pleased to enter into this new strategic partnership with KKR in
North America, a key deregulated electricity market to expand our integrated
business model”, said Stéphane Michel, President of Gas, Renewables &
Power at TotalEnergies. “Aligned with our strategy, this transaction unlocks
value from newly commissioned assets and further strengthens the profitability
of our Integrated Power business.”

“TotalEnergies is a renewable energy industry leader globally, and we are
thrilled to establish this joint venture with the TotalEnergies team to
support their renewables business”, said Cecilio Velasco, Managing Director,
KKR. “We have long been investors in renewables through our infrastructure
platform, having committed more than $23 billion to date in energy transition
investments. TotalEnergies’ North American solar portfolio is a great fit
for us, representing high-quality renewable energy assets with long term
contracts.”

TotalEnergies’ Integrated Power Business Model

TotalEnergies is building a competitive portfolio that combines renewables
(solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to
deliver clean firm power to its customers. To achieve the 12% profitability
target it sets for its Integrated Power business, TotalEnergies divests up to
50% of its renewable assets once they reach commercial operation date (COD)
and are derisked, allowing the Company to maximize asset value and manage
risks.

***

TotalEnergies and electricity

TotalEnergies is building a competitive portfolio that combines renewables
(solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to
deliver clean firm power to its customers.

As of the end of June 2025, TotalEnergies has more than 30 GW of installed
gross renewable electricity generation capacity and aims to reach 35 GW by the
end of 2025, and more than 100 TWh of net electricity production by 2030.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets
energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen,
renewables and electricity. Our more than 100,000 employees are committed to
provide as many people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries, TotalEnergies
places sustainability at the heart of its strategy, its projects and its
operations.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

TotalEnergies Contacts 

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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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