LA DEFENSE (dpa-AFX) - TotalEnergies SE (TTE.PA), a French integrated energy and petroleum company, said on Monday that it has inked a deal with insurance vehicles and accounts managed by KKR & Co. Inc. (KKR), to sell 50% of a 1.4 GW solar portfolio in North America for $1.25 billion.
Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, said: 'Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business.'
Post transaction, TotalEnergies expects to receive $950 million, which includes proceeds from this transaction and bank refinancing.
The portfolio includes 1.3 GW from six utility-scale solar assets and 140 MW from 41 distributed generation assets, primarily in the U.S.
Upon closing, the French firm will retain a 50% stake and continue operating the assets.
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