TotalEnergies has signed an agreement with insurance vehicles and accounts managed by KKR, a leading global investment firm, for the sale of 50 percent of a 1.4 GW solar portfolio in North America. This transaction—which aligns with TotalEnergies’ renewables business model—values the portfolio at an enterprise value of US$1.25 billion.
The transaction covers six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totalling 140 MW, primarily situated in the United States. TotalEnergies will keep a 50 percent stake in the assets and continue to operate them after the closing of this transaction, which is subject to customary conditions.
Bennett Jones advised KKR on the Canadian aspects of the agreement.
The Bennett Jones team is led by John Mercury (Private Equity, M&A) and includes John Lawless, James McClary, Rebecca Taylor and Cole Shrimpton (M&A), Anu Nijhawan and Spencer Brown (Tax), David Macaulay and Jessica Kennedy (Energy Regulatory Law), Adam Kalbfleisch and Kolding Larson (Competition/Antitrust) and Jeremy Russell (Banking).