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How Farm-Downs Help Scale Renewable Power in the U.S.
A partnership-driven approach to investing, operating and growing
Renewable power growth requires more than developing projects. It also requires a strategy that allows us to continuously invest in new opportunities. That's where farm-downs come in.
Farm-downs are a key part of TotalEnergies’ integrated power strategy. Through these transactions, we typically sell up to 50% of an operational renewable power asset or portfolio to a strategic partner while retaining a significant ownership stake and continuing to play an active role in the assets. This approach is designed to unlock value from projects once they are operational and substantially de-risked.
Why Do We Farm Down Renewable Projects?
Building renewable power projects requires significant investment. Once a project is operational, bringing in a partner allows us to unlock some of that capital and reinvest it in future projects.
This approach helps us:
- Reinvest in new solar, onshore wind and battery storage projects
- Share risk with trusted partners
- Unlock value from projects we've successfully developed
- Continue growing our renewable energy portfolio
It's a strategy that helps us do more with the capital we've already invested
What Does This Mean for the U.S.?
Farm-downs support the continued growth of TotalEnergies' U.S. businesses by recycling capital from operational projects into new developments. This approach enables us to expand our portfolio of solar, onshore wind, and battery storage projects while contributing to a more diverse energy mix in key power markets such as ERCOT in Texas and PJM in the Northeast.
Farm-Downs are Part of our Strategy
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TotalEnergies Expands its Joint-Venture with KKR with the Addition of a 700 MW Renewables Portfolio
TotalEnergies and KKR announced the signing of an agreement to add 700 MW to the 50/50 Joint-Venture (JV) they created in the U.S. in 2025, which currently holds 1.4 GW.
TotalEnergies Divests 50% of 1.4 GW Solar Portfolio in North America
The portfolio included six utility-scale solar assets and 41 distributed generation assets, primarily located in the United States.
TotalEnergies Implements its Strategy of Capital Recycling with an Acquisition in Germany and a Farm Down in the U.S.
The portfolio included three solar projects totaling 1.7 GW and two battery storage projects totaling 300 MW.