US solar portfolio: TotalEnergies, KKR plan $1.2B deal. by KnowESG TotalEnergies and KKR plan a $1.2 billion deal to add 700 MW across three US solar projects in Texas and Ohio. Takeaways. * TotalEnergies and KKR plan to invest in a $1.2 billion transaction adding 700 MW of solar capacity across three utility-scale projects in Texas and Ohio. * The expansion would increase their joint US solar portfolio from 1.4 GW to approximately 2.1 GW, a 50% rise in capacity. * The companies expect to complete the deal in 2026, with all three facilities scheduled to begin commercial operations by the first quarter of 2027. TotalEnergies and global investment firm KKR plan to expand their US solar portfolio through a $1.2 billion transaction that would add 700 megawatts (MW) of renewable electricity capacity. The proposed deal covers three utility-scale solar projects in Texas and Ohio. The expansion would increase the companies' combined solar capacity from 1.4 gigawatts (GW) to approximately 2.1 GW, representing a 50% increase. The transaction is expected to close in 2026, subject to customary conditions, while all three facilities are scheduled to begin commercial operations by the first quarter of 2027. The deal strengthens the partners' presence in the US solar energy market as electricity demand, investment requirements, and changing energy policies shape the renewable power sector. $1.2 billion deal builds on existing partnership. The proposed transaction builds on the existing 50-50 joint venture between TotalEnergies and KKR. Under the arrangement, both companies share ownership of the solar portfolio, combining institutional investment with expertise in energy infrastructure. TotalEnergies will continue operating the three facilities after the transaction is completed. The portfolio has an enterprise value of $1.2 billion, although the companies have not disclosed the valuation of individual projects or the financing structure. The distribution of the additional 700 MW across Texas and Ohio has also not been specified. For KKR, the transaction provides greater exposure to renewable electricity generation through an established partnership. TotalEnergies, meanwhile, can expand its power generation business while sharing investment requirements with a financial partner. This approach allows energy companies and institutional investors to combine capital and operational capabilities to develop larger renewable energy portfolios. Electricity sales support commercial opportunities. Electricity generated by the three utility-scale solar projects has either been contracted for sale to third-party customers or will be marketed directly by TotalEnergies. These arrangements provide different routes for selling the power generated by the facilities. Long-term electricity contracts can offer greater revenue predictability, depending on their terms. Direct sales, however, can give the operator more flexibility while exposing it to changes in market prices. The companies have not disclosed details about existing power purchase agreements, contract durations, or the customers involved. The projects' locations also matter commercially. Texas has a large competitive electricity market, while Ohio is part of the PJM electricity market, which serves several states across the eastern and midwestern United States. Both markets face changing electricity demand, grid constraints, and questions about future generation capacity. The additional solar capacity could contribute to regional electricity supplies, although the projects' financial performance will depend on market conditions and access to the grid. Policy and market conditions remain important. The planned expansion comes as renewable energy investors assess changes in US energy policy and the economics of clean power generation. Federal tax incentives, permitting requirements, trade policies, and solar equipment costs can influence project development and profitability. Grid connection arrangements and construction schedules are also important to completing projects on time. The companies have not disclosed whether the three facilities qualify for specific federal incentives or how potential policy changes could affect expected returns. Meeting the planned commercial operation dates in early 2027 will therefore be an important milestone for the partnership. Implications for renewable energy investment. The proposed $1.2 billion solar deal highlights continued investment in US renewable energy infrastructure through partnerships between energy operators and financial investors. For TotalEnergies and KKR, increasing their US solar portfolio to 2.1 GW would expand their renewable power generation capacity while preserving their existing joint ownership structure. The additional facilities could also create opportunities to supply renewable electricity to corporate and other customers as they enter operation. However, the long-term value of the investment will depend on successful project delivery, electricity sales, operating performance, and regulatory conditions. If completed as planned, the transaction would strengthen the partners' position in the US solar energy market and demonstrate how shared investment can support the expansion of utility-scale renewable electricity generation. If you're looking for ESG and Sustainability providers that offer customized solutions for your business needs, check out KnowESG's Solutions page. If you are an ESG provider looking to get your organization listed on its portal, visit this page. 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TotalEnergies, KKR add $1.2 billion solar portfolio to U.S. Renewables joint venture. Alternative asset and private equity investor KKR and French energy giant TotalEnergies announced today a significant expansion of their U.S.-focused renewable energy joint venture, growing their jointly held portfolio by 50% with the addition of 700 MW of utility scale solar assets across Texas and Ohio. The transaction reflects an enterprise value of $1.2 billion for the 700 MW portfolio. The new transaction follows the launch last year by the companies of the joint venture, through the acquisition by KKR of a 50% stake in a portfolio of solar energy assets from TotalEnergies, which included six large-scale solar projects totalling 1.3 GW and 41 smaller distributed generation sites adding another 140 MW, primarily based in the U.S. The new assets in the portfolio include three utility-scale solar projects, which are expected to reach their commercial operation dates by the first quarter of 2027. The electricity produced by these assets is already sold to third parties or will be marketed by TotalEnergies. TotalEnergies will continue to operate the assets after completion of the transaction. TotalEnergies is building a portfolio that combines renewable energy and flexible assets such as storage and gas-fired plants to deliver low-carbon electricity. The company typically sells up to half of its renewable assets once they reach commercial operation to unlock value while managing risk. The company holds more than 37 GW of gross renewable power generation capacity and aims to achieve over 100 TWh of net electricity production by 2030. The announcement marks the latest in a series of clean energy infrastructure transactions by KKR, including the recent launch of a $1.3 billion renewable energy platform with South Korean industrial conglomerate SK Group, and the acquisition of EDF's North American renewable energy business in July for $4.2 Billion.

TotalEnergies and KKR agree to add three U.S. Solar projects worth $1.2 billion to renewable energy venture. The 700 MW portfolio in Texas and Ohio will expand the partners' equally owned venture from 1.4 GW to 2.1 GW, with commercial operations expected by early 2027. TotalEnergies and KKR have agreed to contribute a 700 MW portfolio of three utility-scale solar projects in Texas and Ohio to their 50/50 U.S. joint venture, established in 2025 with 1.4 GW of assets. The portfolio has an enterprise value of $1.2 billion, and the projects are expected to begin commercial operations by the first quarter of 2027. TotalEnergies will continue operating the assets following completion, which is anticipated in 2026 subject to customary conditions. (PRESS RELEASE) PARIS, France, 12-Oct-2026 - /EuropaWire/ - PARIS, October 12, 2026 - TotalEnergies and global investment firm KKR have signed an agreement to expand their equally owned U.S. renewable energy joint venture by adding a portfolio of three utility-scale solar projects with a combined capacity of 700 MW. The partners established the 50/50 venture in 2025, and its existing portfolio totals 1.4 GW. The new agreement would increase that capacity through the addition of solar assets located in Texas and Ohio. The projects are expected to reach their respective commercial operation dates by the first quarter of 2027. Electricity generated by the facilities has either already been sold to third parties or will be marketed by TotalEnergies. The agreed transaction reflects an enterprise value of $1.2 billion for the three-project portfolio. Subject to customary conditions, completion is expected during 2026, after which TotalEnergies will remain responsible for operating the assets. About KKR. KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at http://www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at http://www.globalatlantic.com. TotalEnergies and Electricity. TotalEnergies is building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. By the end of June 2026, TotalEnergies holds more than 37 GW of gross renewable power generation capacity and aims to achieve over 100 TWh of net electricity production by 2030. About TotalEnergies. TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations. Cautionary note. The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies' financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).