TotalEnergies SE ($TTE) Strikes $950M Solar Portfolio Deal - Retains 50% Stake

Energy giant cashes in on solar boom while keeping strategic foothold

The Smart Partial Exit

TotalEnergies just executed a classic energy transition playbook move—selling half its solar portfolio for nearly a billion dollars while maintaining operational control. The $950 million transaction represents one of the largest renewable energy deals this quarter, proving solar assets have become serious business.

Strategic Positioning 101

By retaining 50% ownership, TotalEnergies gets to have its cake and eat it too—immediate cash infusion plus long-term exposure to the renewable energy boom. The French energy behemoth demonstrates how traditional oil majors can pivot without completely abandoning their revenue streams.

The Green Gold Rush

Solar portfolios have become the new oil fields, with energy giants scrambling to position themselves for the coming decades. This deal signals that renewable assets have reached maturity—and the big players are starting to monetize their early bets.

Because nothing says 'commitment to sustainability' like taking profits while telling everyone you're still partially invested—the ultimate hedge for energy companies navigating the transition.

TLDR

• TotalEnergies sells 50% of North American solar portfolio to KKR for $950M.
• Deal includes 1.4 GW of solar assets across U.S. markets.
• Company retains 50% stake, continuing operations and power sales.
• Part of strategy to boost profitability in Integrated Power business.
• TTE stock closed at $63.15 on September 26, 2025, up 1.17%.

TotalEnergies SE (NYSE: TTE) closed at $63.15 on September 26, 2025, gaining 1.17% during the session. After hours, shares eased slightly to $63.03.

TotalEnergies SE (TTE)

The company’s latest announcement, a $950 million deal with investment firm KKR, adds momentum to its ongoing renewable expansion.

Details of the Solar Portfolio Deal

The transaction covers six utility-scale solar projects totaling 1.3 gigawatts and 41 distributed generation assets with 140 megawatts capacity. Together, the portfolio amounts to 1.4 GW of renewable generation. TotalEnergies will retain a 50% stake and continue to operate the assets, keeping a strong foothold in the North American market.

In line with its renewables business model, @TotalEnergies has divested 50% of a 1.4 GW portfolio of solar assets in North America. A strategic MOVE that strengthens the profitability of our Integrated Power business!https://t.co/DMpdzr9dzH

— TotalEnergies Press (@TotalEnergiesPR) September 29, 2025

TotalEnergies will receive $950 million at closing through a combination of asset sale proceeds and bank refinancing. The enterprise value of the portfolio is set at $1.25 billion.

Strategic Partnership With KKR

The company entered this agreement with KKR’s insurance vehicles and accounts, forming a joint venture to enhance its renewable energy operations. Stéphane Michel, President of Gas, Renewables & Power, highlighted that the deal fits TotalEnergies’ business model of divesting part of its assets once they reach commercial operation.

KKR’s Managing Director Cecilio Velasco emphasized the quality of the portfolio, calling it a strong addition to their $23 billion infrastructure investments in energy transition projects.

Integrated Power Business Model

TotalEnergies aims for a 12% profitability target in its Integrated Power business. To achieve this, it often divests up to half of its renewable projects post-commissioning. This approach maximizes value, limits risks, and supports growth. As of June 2025, the company had more than 30 GW of installed renewable capacity and is on track to hit 35 GW by the end of the year. By 2030, the target is 100 TWh of net electricity production.

Performance Overview

TTE’s stock has gained 21.18% year-to-date, outperforming France’s CAC 40 Index at 6.77%. Over three years, the stock ROSE 60.60%, well above the index’s 38.82%. Over five years, TTE delivered an impressive 148.96%, compared to the CAC 40’s 63.09%.

Financially, TotalEnergies maintains a market cap of $137.44 billion, a forward P/E ratio of 9.21, and levered free cash FLOW of $10.91 billion. With $25.61 billion in cash and a debt-to-equity ratio of 53.01%, the company has a solid base to expand in renewables while sustaining shareholder value.