KKR has spent years building out its power portfolio, focusing on renewables and gas assets, as demand for electricity grows rapidly. The investment giant agreed in September to pay $10 billion for a 45% equity stake in Sempra’s infrastructure arm, which builds liquefied natural gas projects. Days later, TotalEnergies SE agreed to sell a stake in North American solar assets to KKR in a deal valuing the portfolio at $1.25 billion including debt.