TotalEnergies and KKR Partner on North American Renewable energy Assets
Paris, France – [Date of Release – Not Specified in text] – TotalEnergies has announced a strategic partnership with KKR to expand its integrated power business in North America, a key deregulated electricity market. the partnership involves divesting up to 50% of TotalEnergies’ newly commissioned renewable energy assets,allowing the company to unlock value and strengthen profitability.
Key Highlights:
* Strategic Partnership: TotalEnergies is partnering with KKR to leverage their infrastructure investment expertise in the North American renewable energy sector.
* Asset Focus: The collaboration centers around TotalEnergies’ North American solar portfolio, comprising high-quality assets with long-term contracts.
* Integrated Power Model: TotalEnergies is building a portfolio combining renewables (solar, wind) and flexible assets (CCGT, storage) to deliver clean, reliable power.
* Profitability Strategy: TotalEnergies aims for a 12% profitability target for its Integrated Power business by divesting up to 50% of renewable assets post-commercial operation (COD).
* KKR Investment: KKR has committed over $23 billion to energy transition investments to date.
* TotalEnergies Capacity: TotalEnergies currently has over 30 GW of installed gross renewable electricity generation capacity and aims for 35 GW by the end of 2025, with a goal of exceeding 100 TWh of net electricity production by 2030.
Quotes:
“This strategic partnership with KKR in North America, a key deregulated electricity market to expand our integrated business model”, said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies. “Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business.”
“totalenergies is a renewable energy industry leader globally, and we are thrilled to establish this joint venture with the TotalEnergies team to support their renewables business”, said Cecilio Velasco, managing Director, KKR. “We have long been investors in renewables through our infrastructure platform, having committed more than $23 billion to date in energy transition investments. TotalEnergies’ North American solar portfolio is a great fit for us, representing high-quality renewable energy assets with long term contracts.”
About TotalEnergies:
TotalEnergies is a global integrated energy company committed to providing reliable,affordable,and lasting energy solutions. With over 100,000 employees operating in approximately 120 countries, the company focuses on oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity, placing sustainability at the core of its strategy.
