The proposed addition of three utility-scale solar assets in Texas and Ohio would expand the companies’ 50/50 U.S. renewables venture by 700 MW, with commercial operation targeted by the first quarter of 2027.
Published by Allstream Insiders
Allstream Insiders Summary
TotalEnergies and KKR have signed an agreement to add a 700-megawatt portfolio of three U.S. utility-scale solar assets to their 50/50 joint venture. The assets are located in Texas and Ohio and are expected to reach commercial operation by the first quarter of 2027, according to the companies’ October 12 announcement.
The transaction carries a stated enterprise value of $1.2 billion for the portfolio. TotalEnergies said the existing U.S. joint venture, created with KKR in 2025, currently holds 1.4 GW; the proposed 700-MW addition would bring the venture’s stated portfolio to 2.1 GW upon completion.
TotalEnergies is expected to continue operating the assets after the transaction closes. The companies said closing is expected in 2026, subject to customary conditions.
What the agreement covers
| Portfolio item | Company-reported detail |
|---|---|
| Joint venture ownership | 50/50 TotalEnergies-KKR U.S. joint venture, established in 2025 |
| Assets being added | Three utility-scale solar assets in Texas and Ohio |
| Portfolio capacity | 700 MW |
| Existing joint-venture portfolio | 1.4 GW before the proposed addition |
| Stated enterprise value | $1.2 billion for the 700-MW portfolio |
| Commercial-operation target | By the first quarter of 2027 |
| Operator after closing | TotalEnergies |
Three solar assets are planned for Texas and Ohio
The agreement covers three utility-scale solar assets in Texas and Ohio with a combined 700 MW of capacity. TotalEnergies and KKR said the assets are expected to reach commercial operation by the first quarter of 2027.
The companies did not identify the individual project names, counties, interconnection arrangements or construction contractors in the announcement. Their stated schedule is an expected commercial-operation target, rather than confirmation that all three assets are already operating.
Power sales and marketing are part of the disclosed commercial structure
TotalEnergies said electricity generated by the three assets is already sold to third parties or will be marketed by TotalEnergies. The release does not identify the individual offtakers, power-purchase-agreement terms or the share of output associated with each arrangement.
This distinction is material: the companies described a mix of existing third-party sales and future marketing by TotalEnergies, rather than a single disclosed power-sales structure for the entire 700-MW portfolio.
Transaction remains subject to closing conditions
The companies expect the transaction to close in 2026, subject to customary conditions. Once completed, TotalEnergies will continue operating the assets, and the 700 MW would be added to the joint venture’s existing 1.4-GW portfolio.
The stated $1.2 billion figure is the portfolio’s enterprise value. The announcement does not present it as a project-by-project construction budget, nor does it provide individual asset valuations or a detailed financing breakdown.
Allstream perspective: a larger U.S. solar platform with a near-term operating target
Allstream perspective: The agreement adds three named-by-region, but not individually named, solar assets to a U.S. joint venture that TotalEnergies and KKR established in 2025. The reported 700 MW, $1.2 billion enterprise value, commercial structure and first-quarter 2027 target give the portfolio a more defined profile than a general development announcement.
Execution progress will be measured by transaction closing and the commercial operation of the Texas and Ohio assets. Project-level disclosures on the facilities, construction progress, interconnection and customers would provide the next practical visibility into their delivery.
