TotalEnergies plans to sell half of its solar energy portfolio in North America to investment firm KKR, the company announced on Monday.
According to Reuters, TotalEnergies will receive $950 million from this deal, which includes both the sale and refinancing from banks.
The deal covers six large solar power plants and 41 smaller solar projects, most of which are located in the United States.
TotalEnergies said it will continue to own 50% of the 1.4 gigawatt solar portfolio, which is valued at $1.25 billion. The company will also sell some of the electricity produced by these solar projects.
Stephane Michel, President of Gas, Renewables & Power at TotalEnergies, said the partnership with KKR will support the company’s growth in the competitive North American electricity market.
