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How Farm-Downs Help Scale Renewable Energy in the U.S.
A partnership-driven approach to investing, operating and growing
Renewable energy 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 and renewables strategy. Through these transactions, we typically sell up to 50% of an operational renewable energy 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 energy 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, 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
How Does It Support Renewable Energy Growth?
Think of it as a cycle. We develop and build renewable energy projects. Once they're operating, we may bring in partners through a farm-down transaction. The capital generated can then be invested in the next generation of renewable energy projects.
That means we can continue expanding our portfolio while maintaining an active role in the assets we've developed.
What Does This Mean for the U.S.?
Farm-downs help support the continued growth of TotalEnergies' renewable energy business in the United States. By recycling capital from operational projects into new developments, we can continue building solar, wind, and battery storage projects that contribute to a more diverse energy mix.
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.