The agreement adds 700 megawatts of solar power capacity in Texas and Ohio, strengthening the companies’ renewable energy portfolio and expanding their presence in the US electricity market
Houston, United States, 13 October 2026 – As demand for electricity continues to grow, energy companies are exploring new ways to expand power generation while managing the costs and risks of large infrastructure projects. Renewable energy investments are becoming an important part of this shift, with solar power attracting interest from both energy producers and financial investors. French energy company TotalEnergies and US investment firm KKR are taking another step in this direction by expanding their existing partnership in the United States.
Announced on October 12, 2026, the agreement will add 700 megawatts (MW) of renewable energy capacity to the 50:50 joint venture established by the two companies in 2025. The new portfolio consists of three utility-scale solar projects located in Texas and Ohio, with a total enterprise value of $1.2 billion. The expansion will increase the joint venture’s renewable energy capacity from 1.4 gigawatts (GW) to 2.1 GW.
The three solar projects are expected to begin commercial operations by the first quarter of 2027. Electricity generated by these facilities has already been sold to third-party buyers or will be marketed by TotalEnergies. This arrangement gives the projects a clearer route to the electricity market while allowing the companies to expand their renewable energy operations.
TotalEnergies will continue operating the assets after the transaction is completed. The deal is expected to close in 2026, subject to customary conditions. The company will therefore retain an active role in managing the solar facilities while sharing ownership with KKR.
The agreement builds on the partnership formed in 2025, when TotalEnergies agreed to sell a 50 percent stake in a North American solar portfolio to investment vehicles managed by KKR. That earlier portfolio was valued at $1.25 billion and included utility-scale solar projects and distributed generation assets. The arrangement allowed TotalEnergies to unlock part of the value of its renewable energy investments while continuing to operate the assets.
For TotalEnergies, this approach forms part of a wider business strategy that combines renewable power generation with other electricity-related activities. By bringing financial partners into selected projects, the company can release capital tied up in existing assets and use its resources to support further development. For investors such as KKR, the partnership offers access to large-scale renewable energy infrastructure with long-term commercial potential.
The expansion also comes as electricity demand rises across several sectors, including industrial manufacturing, digital infrastructure, and data centers. These facilities require dependable electricity supplies, creating opportunities for power producers to develop new generation capacity and establish commercial agreements with electricity buyers.
Solar power is expected to remain an important part of the evolving US energy market. However, the success of new projects depends on several factors, including construction timelines, grid connections, electricity prices, and the ability to deliver power reliably.
With the additional 700 MW portfolio, TotalEnergies and KKR are strengthening their position in the US renewable energy sector. Their expanded partnership highlights how energy companies and investment firms can work together to finance large-scale solar projects, share investment risks, and increase electricity generation capacity as demand continues to grow.
