KKR Invests $1.25B in 1.44 GW Solar Portfolio, Boosting 'Brown-to-Green' Transition
Private equity giant KKR has invested $1.25 billion in a significant solar energy portfolio, marking a substantial step in the 'brown-to-green' transition. The deal, finalised with TotalEnergies, involves a 50% stake in a portfolio comprising 1.3 GW of large-scale solar projects and 140 MW of distributed generation sites, primarily based in the U.S.
The portfolio, consisting of six large-scale solar projects and 41 smaller sites, will see TotalEnergies retain a 50% share and continue operations. KKR, which has committed over $23 billion to energy transition investments, will acquire the remaining half. The transaction, valued at $1.25 billion, will see TotalEnergies receive $950 million at closing, including proceeds from associated refinancing arrangements.
The electricity generated by these projects is either already committed under existing agreements or will be marketed by TotalEnergies. This deal aligns with TotalEnergies' ambition to expand its installed renewable capacity to 35 GW by the end of 2025.
KKR's acquisition of a 50% stake in TotalEnergies' North American solar energy portfolio underscores the growing appeal of renewable energy investments. With this deal, KKR continues its commitment to energy transition, while TotalEnergies advances its renewable capacity expansion plans.
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