TotalEnergies Sells 50% Solar Portfolio, Buys Anadarko Gas Stake

TotalEnergies agreed to sell a 50% stake in a 1.4 GW North American solar portfolio to insurance vehicles and accounts managed by KKR for an enterprise value of $1.25 billion, receiving about $950 million at closing while retaining a 50% interest and continuing to operate the projects. The portfolio is located primarily in the United States. Simultaneously, TotalEnergies will acquire a 49% interest in Continental Resources’ producing natural gas assets in Oklahoma’s Anadarko Basin. The company said it will divest renewable power holdings outside the United States, Brazil and Europe and use proceeds to recycle capital and shore up the balance sheet after higher net debt. Executives said the transactions are intended to balance growth in electricity with stronger upstream cash flow as TotalEnergies pursues a 20% electricity share by 2030.