TotalEnergies Sheds Solar & Wind Asset Stake In US & France

French energy giant TotalEnergies has sold a 50% stake in its 1.4 GW US solar power project portfolio in North America to an insurance fund managed by the global investment firm KKR. It expects to receive a total of $950 million on transaction closing. 

This sale comprises 6 solar power plants with a total capacity of 1.3 GW and 41 production facilities worth 140 MW for B2B customers in the US. All of these assets are already contracted to supply clean electricity generated to 3rd parties, or will be marketed by the French group. It plans to retain the remaining 50% stake in the portfolio valued at $1.25 billion.

Stéphane Michel, TotalEnergies’ President of Gas, Renewables & Power, says this transaction is in line with its strategy to sell up to 50% of its renewable assets once they reach commercial operation date and are de-risked, and strengthens the profitability of the group’s Integrated Power Business. 

Even in France, TotalEnergies sold off a 50% stake in a 270 MW wind and solar portfolio to an investment fund managed by Eiffel Investment Group, while retaining the remaining 50%. 

Moreover, the company announced an agreement with Continental Resources in the US to acquire a 49% stake in natural gas production assets in the Anadarko Basin in Oklahoma. It says the acquisition strengthens its natural gas production capability in the US. The move comes at a time when the US administration has announced support for natural gas and nuclear energy, while complicating the market for renewables. 

By 2030, TotalEnergies plans to increase its electricity production by approximately 20% annually to generate between 100 TWh and 120 TWh/year. Renewables will contribute 70% of this total, with the remaining 30% coming from flexible gas sources with a 100 GW installed capacity. 

Its focus will be on the main deregulated markets of the US, Europe, and Brazil, where it is developing an integrated model. While presenting the company’s Strategy and Outlook 2025, Chairman and CEO Patrick Pouyanné shared that the French oil major has lowered its net investment forecast for 2026-2030 by $1 billion/year to $16 billion in 2026 and within $15 billion to $17 billion annually over 2027-30.  

“The Company intends to focus its investments on high-margin Upstream growth projects and remain selective on low-carbon investments, which will represent ~$4 billion per year, including $3 to $4 billion per year for the Integrated Power business,” shared Pouyanné.