TotalEnergies (NYSE: TTE) announced it would sell 50% of a 1.4 GW North American solar portfolio for total cash proceeds of $950 million. The reason behind the transaction seems to have surfaced within hours when the firm also announced the purchase of a 49% interest in producing natural-gas assets in Oklahoma’s Anadarko Basin.
The solar transaction—a joint venture with insurance vehicles and accounts managed by KKR—values the portfolio at a $1.25 billion enterprise value. The package spans six utility-scale projects totaling 1.3 GW plus 41 distributed-generation sites totaling 140 MW, mostly in the US.
TotalEnergies will retain 50%, continue to operate the assets after closing, and notes that output is either contracted to third parties or marketed by the company.
In the gas deal, TotalEnergies signed with privately-held Continental Resources to acquire a 49% non-operated stake in Anadarko Basin producing assets. The company said the package is well connected to Henry Hub and could reach around 350 MMscfd gross by 2030, securing around 150 MMscfd net to TotalEnergies on a long-plateau profile to support its US LNG value-chain integration.
TotalEnergies framed the pair of moves as balance-sheet and portfolio management: monetizing de-risked renewables at COD while adding low-cost upstream gas in the US to reinforce its LNG position.
The company said the solar sale’s $950 million proceeds include bank refinancing now being finalized while the terms of the Anadarko stake were not disclosed.
TotalEnergies last traded at $59.56.
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