KKR has agreed to acquire a 50% stake in a 1.2 GW portfolio of onshore solar and wind assets across Europe from TotalEnergies, in a deal valued at €1.8 billion. The buyer is an insurance account managed by KKR rather than one of the firm's traditional infrastructure funds. KKR has built out that capability through Global Atlantic Financial Group, its retirement, life, and reinsurance subsidiary, and the firm now routinely presents its investment activity as spanning both sponsored funds and insurance balance sheets.

This transaction highlights how insurance capital is increasingly flowing into renewable energy infrastructure as a core allocation strategy. "This investment reflects our conviction in the long-term fundamentals supporting Europe's renewable energy sector and the critical role infrastructure will continue to play in the energy transition," said Vincent Policard, Co-Head of European Infrastructure at KKR. The portfolio spans multiple European countries and represents a significant commitment from the insurance side of KKR's platform to clean energy assets.