French energy major TotalEnergies has announced a $950 million deal to sell 50% of its North American solar portfolio to investment firm KKR, alongside a related bank refinancing. The move is part of the company’s strategy of developing renewable energy projects and later selling stakes to raise cash for reinvestment.
The transaction covers six utility-scale solar projects and 41 distributed generation assets, with a combined portfolio of 1.4 gigawatts and an enterprise value of $1.25 billion. TotalEnergies will retain a 50% stake and continue selling part of the electricity generated.
CEO Patrick Pouyanné has previously outlined plans for asset sales worth $3.5 billion by year-end, helping balance about $3 billion in acquisitions.
In a parallel move, TotalEnergies signed an agreement with Continental Resources to acquire a 49% stake in gas-producing assets in Oklahoma’s Anadarko Basin. The assets are projected to deliver up to 350 million standard cubic feet per day (MMscfd) by 2030, with TotalEnergies’ share expected at 150 MMscfd.
The dual strategy underscores TotalEnergies’ approach of expanding renewables while reinforcing its natural gas portfolio as a core growth driver.
