By Maryana Ahmadova

Copyright trend

BAKU, Azerbaijan, September 29. TotalEnergies
has agreed to sell a 50% stake in its 1.4 GW North American solar
portfolio to insurance vehicles and accounts managed by global
investment firm KKR, Trend reports.

The transaction values the portfolio at an enterprise value of
$1.25 billion and, together with bank refinancing, will provide
TotalEnergies with $950 million at closing.

The deal covers six utility-scale solar assets with a combined
capacity of 1.3 GW and 41 distributed generation assets totaling
140 MW, mainly in the United States. TotalEnergies will retain a
50% stake and continue to operate the projects, which either have
pre-sold electricity or will be commercialized by the company.

Stéphane Michel, President of Gas, Renewables & Power at
TotalEnergies, said the partnership strengthens the profitability
of its integrated power business and aligns with the company’s
strategy of unlocking value from newly commissioned assets.

Cecilio Velasco, Managing Director at KKR, added that the
transaction fits the firm’s renewable energy investment strategy,
noting KKR has committed more than $23 billion to energy transition
projects to date.