TotalEnergies and KKR announced Monday an agreement to add three solar projects in Texas and Ohio to their U.S. joint venture, valuing the portfolio at $1.2 billion.
The projects would add 700 megawatts to the companies’ equally owned venture, which currently holds 1.4 gigawatts. That would increase the portfolio’s capacity by 50%, to 2.1 gigawatts.
The companies expect the three projects to reach commercial operation by the first quarter of 2027. They anticipate closing the transaction in 2026, subject to customary conditions, according to the October 12 announcement.
TotalEnergies will continue operating the assets after closing. Third-party customers have already contracted for some of the electricity, while TotalEnergies will market other output, the company said.
The announcement does not identify the projects, their counties or how much of the 700-megawatt total lies in Texas. The $1.2 billion figure represents the portfolio’s enterprise value.
The expansion builds on a partnership announced September 29, 2025, when TotalEnergies agreed to sell a 50% stake in a North American solar portfolio to insurance vehicles and accounts that KKR manages.
That earlier transaction valued the portfolio at $1.25 billion and covered six utility-scale solar assets plus 41 distributed-generation assets. TotalEnergies retained half ownership and the operating role.
Selling stakes in renewable projects forms part of the company’s strategy to recover capital while maintaining an interest in the assets. At the time of the original agreement, TotalEnergies described that approach as a way to manage risk and strengthen its electricity business.
Texas is also advancing natural gas generation. The Dallas Express recently covered a Texas Energy Fund loan supporting the 452-megawatt Pecos Power Plant in Reeves County.
That facility should begin supplying the Electric Reliability Council of Texas power region in 2027, according to an October 7 announcement from the governor’s office. The project represents the ninth finalized loan under the fund’s In-ERCOT Generation Loan Program.
