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TotalEnergies is raising USD 950 million by selling a 50% stake in its U.S. solar portfolio to KKR, while retaining the other half of its 1.4-gigawatt portfolio. This move is part of a broader strategy to generate USD 3.5 billion by year-end, offsetting acquisitions that more than doubled its debt in the first half of 2025. At the same time, Total is expanding its natural gas presence by acquiring a 49% stake in Continental Resources' upstream gas fields in Oklahoma, boosting net gas production and securing supply for long-term Asian contracts.
TotalEnergies will generate USD 950 million from selling a half-share in its U.S. solar assets to investment firm KKR. The deal covers six utility-scale solar projects and 41 distributed generation assets, while Total keeps the remaining half of the 1.4-gigawatt portfolio, valued at USD 1.25 billion. This step aligns with the company's approach of continuing renewable energy development but monetizing minority stakes to fund other investments. Advertisement
The sale is one of several planned initiatives aimed at raising USD 3.5 billion by the end of the year. These funds will help counterbalance over USD 3 billion in acquisitions made earlier in 2025, which contributed to a significant rise in TotalEnergies' debt during the first six months of the year. CEO Patrick Pouyanne is under pressure to show investors a clear path toward debt reduction at the upcoming Investor Day in New York.
Alongside the solar transaction, TotalEnergies announced it had acquired a 49% interest in Continental Resources' upstream gas fields in Oklahoma, for an undisclosed amount. These assets are expected to increase Total's net gas output to roughly 150 million standard cubic feet per day by 2030, equivalent to about 26,000 barrels of oil per day. The acquisition ensures access to low-cost upstream gas, which will be supplied to mostly Asian clients through long-term shipping agreements.
Total's strategy demonstrates a balancing act between maintaining a strong presence in renewables while investing in conventional energy assets that meet growing global demand. Despite industry trends of scaling back renewable spending, the company continues to develop wind and solar projects but selectively sells minority stakes to free up capital for growth in natural gas.
Source Reuters
5th Jun, 2025
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