TotalEnergies To Sell 50% Of 1.4 GW Solar Portfolio For $1.25 Bln In North America

(RTTNews) - TotalEnergies SE (TTE.PA), a French integrated energy and petroleum company, said on Monday that it has inked a deal with insurance vehicles and accounts managed by KKR & Co. Inc. (KKR), to sell 50% of a 1.4 GW solar portfolio in North America for $1.25 billion.

Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, said: "Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business."

Post transaction, TotalEnergies expects to receive $950 million, which includes proceeds from this transaction and bank refinancing.

The portfolio includes 1.3 GW from six utility-scale solar assets and 140 MW from 41 distributed generation assets, primarily in the U.S.

Upon closing, the French firm will retain a 50% stake and continue operating the assets.