TotalEnergies to Sell 50% of North American Solar Portfolio in $950-M Deal

TotalEnergies said it will sell a 50% stake in a North American solar portfolio to investment firm KKR for $950 million, including cash proceeds and refinancing, Alessandro Parodi reported for Reuters.

TotalEnergies will retain a 50% share of the 1.4-gigawatt portfolio. (Photo: TotalEnergies) 

The transaction covers six utility-scale solar projects and 41 distributed generation assets, mostly in the U.S. TotalEnergies will retain a 50% share of the 1.4-gigawatt portfolio, valued at $1.25 billion, and will continue to sell some of the electricity generated.

The partnership will support the company’s expansion in North America’s deregulated power market, said Stephane Michel, president of Gas, Renewables & Power at TotalEnergies.