TotalEnergies has signed an agreement with insurance vehicles and accounts managed by KKR to sell 50% of its 1.4 GW solar portfolio in North America at an enterprise value of $1.25 billion.
The French energy company will receive $950 million at closing due to the transactions and bank refinancing that are currently being finalized.
The transaction covers six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totaling 140 MW. These assets are primarily located in the United States.
TotalEnergies will retain a 50% stake in the assets and continue to operate them after the closing of this transaction, which remains subject to customary conditions.
