TotalEnergies will sell 50% of a solar portfolio in North America to investment firm KKR, the energy major said on Monday.
The firm added that it will receive $950 million from the sale and bank refinancing, according to Reuters.
The sale includes six utility-scale solar assets and 41 distributed generation assets, mostly in the United States, TotalEnergies said in a statement.
The company said that it will sell some of the electricity produced by these assets and keep a 50% stake in the 1.4 gigawatt portfolio, with an enterprise value of $1.25 billion.
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The partnership will help the group’s expansion in the deregulated North American electricity market, TotalEnergies President of Gas, Renewables & Power Stephane Michel said in a statement.
