TotalEnergies and KKR have agreed to add three utility-scale solar projects totaling 700 MW in Texas and Ohio to their 50/50 US joint venture, which currently holds 1.4 GW. The announced $1.2bn portfolio enterprise value implies $600mn for the 50% interest. Output is either contracted with third parties or will be marketed by TotalEnergies, which will retain operational responsibility. Completion is expected in 2026, subject to customary conditions.
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1. Enerdatics identifies the three construction-stage projects behind KKR’s 700 MW investment
The announcement does not name the underlying assets. By cross-referencing their reported locations, capacities and development timelines with project-level intelligence, Enerdatics identifies Piedra (350 MW) in Freestone County, Texas; Springwater (191 MW) in Madison and Franklin counties, Ohio; and Tymochtee (162 MW) in Wyandot County, Ohio, as the likely projects involved in the transaction. Construction on all three commenced in 2025. Piedra accounts for approximately half the portfolio in ERCOT, while the Ohio pair totals 353 MW in PJM. Springwater has the clearest documented delivery timetable, with civil mobilisation in January 2026 and COD guided to Q1 2027.
Financing records offer additional insight into potential revenue protection, which the announcement does not address. In December 2025, TotalEnergies raised $622mn of debt for five solar assets exceeding 1 GW across Texas and Ohio, with approximately 80% of cash flows contracted for 20 years under PPAs. Enerdatics believes the three identified projects form part of that financed portfolio, although their individual contract terms have not been disclosed.
The agreement marks the partners’ third transaction in just over a year. KKR acquired 50% of a 1.44 GW operating North American solar portfolio for $625mn in September 2025 and agreed to acquire 50% of a 1.2 GW European renewables portfolio in August 2026, at a €1.8bn valuation for the entire portfolio. The new $600mn stake is similar in transaction size to the first North American deal, despite involving less than half its installed capacity.
2. TotalEnergies advances its sell-downs into construction as PE-backed buyer activity reaches $35.6bn
TotalEnergies is selling earlier in the asset lifecycle. Its 2025 KKR farm-down followed the established model of divesting up to 50% once assets reached commercial operation; the newly announced projects remain under construction. The recycling programme is substantial: TotalEnergies sold 50% interests in 2.7 GW of gross renewables capacity across the US, Portugal, Greece and France during 2025, generating $2bn. Its September KKR transaction, alongside related financing, generated $950mn in cash. Integrated Power ROACE reached approximately 10% in 2025, compared with a 12% target for 2030, while 2026 guidance envisages $2.5bn–$3bn of investment and cash flow exceeding $3bn.
For KKR, the investment is a smaller commitment within a much larger infrastructure programme. In June 2026, it agreed to acquire EDF Power Solutions’ US and Canadian business for $5.5bn, encompassing approximately 5.6 GW of net operating wind and solar. KKR Global Infrastructure Investors V closed at $19.2bn in August 2026. Its TotalEnergies partnership now spans operating assets across two continents and, for the first time, US projects still being built.
Across US renewable M&A, PE and PE-backed buyers deployed $35.6bn during January–September 2026 on an Enerdatics-adjusted basis. This counts the GIP/EQT–AES take-private at an Enerdatics estimate of $18.0bn, rather than its $33.4bn headline value, based on our assessment of AES’s North American renewables portfolio (operating assets, development pipeline and precedent transaction multiples). Using the full $33.4bn, the nine-month total would be $51.0bn. Q3 activity reached $9.3bn versus $5.6bn in Q2, led by Brookfield’s $7bn acquisition of Aypa Power. Other notable Q3 transactions included MN8–Greenbacker ($1.62bn) and Ares–EDPR’s Sonrisa acquisition ($640mn), highlighting continued institutional appetite for scaled renewable platforms and contracted assets.
3. At $1.71mn/MW, the portfolio prices alongside Ares–EDPR and above prior TotalEnergies US sell-downs
The $1.2bn portfolio valuation implies approximately $1.71mn/MW on a 100% basis. A relevant structural benchmark is Ares–EDPR at $1.78mn/MW: five of ten projects were under construction when announced, and the portfolio was covered by long-term PPAs averaging 18 years remaining. Enel–Excelsior’s operating wind and solar portfolio, with around 14 years of remaining contracted life, priced at $1.57mn/MW.
TotalEnergies’ previous North American farm-downs traded lower, but their asset composition and financing structures differed. The 2025 KKR transaction combined six utility-scale plants with 41 distributed-generation assets totaling 140 MW, pricing at $0.87mn/MW. The 2024 Apollo portfolio included 300 MW of BESS, while $250mn of its $800mn transaction consideration reflected shareholder-loan refinancing; its implied multiple was $0.80mn/MW. By contrast, the present portfolio contains only three utility-scale solar projects, with no distributed generation or storage. The simpler asset perimeter, coupled with the projects' advanced construction status and near-term COD, supports a valuation closer to the upper end of the comparable range, although the absence of project-specific offtake disclosures limits conclusions about the contracted-revenue premium.
US renewable portfolio transaction comparables
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Read: Selected US utility-scale renewable portfolio acquisitions with disclosed transaction value, announced December 2024–October 2026. EV/MW reflects enterprise value at 100% ownership. At $1.71mn/MW, TotalEnergies–KKR sits just 4% below the highest comparable, Ares–EDPR, despite the entire portfolio remaining under construction. The comparison suggests institutional capital continues to price advanced-stage, near-COD assets competitively, provided delivery risk is sufficiently contained.
Sources: TotalEnergies/KKR transaction announcements; TotalEnergies corporate disclosures; KKR disclosures; Enerdatics deal database; Enerdatics H1 2026 M&A Analysis Report. Enerdatics · Proprietary research. Not investment advice.
