TotalEnergies has entered into an agreement with KKR-managed insurance vehicles and accounts for the sale of a 50 per cent of the 1.4 GW solar portfolio in North America. The deal values the portfolio at an enterprise value of $1.25 billion. Following this transaction and a parallel bank refinancing process being finalised, TotalEnergies is expected to receive $950 million at the time of closing.
The portfolio includes six large-scale solar projects with a cumulative capacity of 1.3 GW and 41 distributed generation projects totalling 140 MW. Electricity from these projects has already been contracted to external buyers or will be commercialised directly by TotalEnergies. TotalEnergies will retain a 50 per cent ownership stake in the assets and continue to operate them. The transaction remains subject to customary conditions.
Earlier this month, TotalEnergies, in consortium with RWE, was awarded the Centre Manche 2 offshore wind tender in France to develop a 1,500 MW project off the coast of Normandy. The project, with an estimated investment of €4.5 billion, will be designed, constructed, and operated by the consortium.
