TotalEnergies will sell a 50% stake in a 1.4 GW solar portfolio in North America to the US-based investment firm KKR, receiving US$950m from the transaction, which includes proceeds from both the sale and associated bank refinancing. The deal covers six utility-scale solar projects totalling 1.3 GW, along with 41 distributed generation assets with a combined capacity of 140 MW, primarily located in the United States. The power generated by these assets is either contracted to third-party buyers or will be marketed directly by TotalEnergies. Following the transaction, TotalEnergies will retain a 50% ownership in the 1.4 GW portfolio, which has an enterprise value of approximately US$1.25bn.
In a separate move, TotalEnergies will acquire a 49% stake in Continental Resources’ onshore gas fields in Oklahoma (United States). The company expects these assets to yield approximately 150 mcf/d (4.2 mcm/d or 1.5 bcm/year) of natural gas by 2030.
TotalEnergies is currently the largest buyer of US LNG, with purchases of 10 Mt/year. However, its domestic production remains modest: in 2024, its US upstream assets produced 93,000 boe/d, just 3.8% of the company’s global output, which is otherwise concentrated in Africa, Europe, the Middle East, Asia, and Latin America.
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