Shell sells European onshore renewables portfolio to TotalEnergies
Shell has agreed to sell its European onshore renewable energy assets to TotalEnergies, including approximately 500 megawatts of operating or under-construction solar and wind capacity in Italy and the Netherlands, plus a 3.5GW pipeline in Italy, the UK, and Spain. The deal, expected to close by end of 2026, reflects Shell’s strategic pivot back toward oil and gas and integrated energy solutions, while TotalEnergies expands its renewables portfolio. Separately, TotalEnergies also sold a 50% stake in a 1.2GW portfolio to KKR for €1.8bn.
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TotalEnergies acquires Shell's entire European onshore renewable energy portfolio
French energy giant TotalEnergies has agreed to purchase all of Shell's onshore renewable energy assets in operation and development across Europe, including approximately 4 gigawatts of wind and solar generation capacity. The portfolio spans Italy, the Netherlands, the United Kingdom, and Spain, with 500 MW operational and 3.5 GW in development. Simultaneously, TotalEnergies announced it would sell a 50% stake in a separate 1.2 GW renewables portfolio to investment firm KKR, valuing that portfolio at €1.8 billion ($2.07 billion). The deals come as Shell continues to divest its renewable energy holdings, having recently sold its India-based renewables business for $1.8 billion and a substantial portion of its EV charging network. For TotalEnergies, the acquisition supports its goal of achieving a 12% return on average capital employed in renewables by 2030, while the company also faces a French court order to align its business with climate goals. Both transactions are expected to close by the end of 2026.
Read sourceShell Sells European Onshore Renewables Portfolio to TotalEnergies
Shell has agreed to sell its European onshore renewables portfolio to French rival TotalEnergies, as the UK-based supermajor continues to shift capital toward higher-value businesses. The portfolio includes 0.5 gigawatts of combined renewable generation capacity in operation and development, plus a project pipeline across Italy, the Netherlands, Spain, and the UK. The transaction is subject to regulatory approvals and is expected to close by the end of 2026. Shell has been adjusting its power portfolio for over a year, prioritizing areas where it has differentiated capabilities, such as asset-backed power trading and customer-focused energy solutions. The sale follows Shell's broader strategic pivot back toward oil and gas investment, with CEO Wael Sawan calling reduced production 'dangerous and irresponsible.' Shell has also recently exited offshore wind projects in Scotland and the United States, reflecting a growing realization that the energy transition faces bigger hurdles and offers lower profit margins than traditional fossil fuels.
Read sourceShell Sells European Onshore Renewables Portfolio to TotalEnergies
Shell has signed an agreement to sell its European onshore renewables portfolio to TotalEnergies, comprising 0.5 GW of combined renewable generation capacity in operation and development, as well as a project pipeline across Italy, the Netherlands, Spain, and the UK. The transaction is subject to regulatory approvals and is expected to complete by the end of 2026. Shell stated it is recycling capital to prioritize areas with differentiated capabilities and long-term value creation, including asset-backed power trading and customer-focused energy solutions. The move follows Shell's broader strategic shift away from earlier pledges to reduce oil and gas production, with CEO Wael Sawan calling such reductions 'dangerous and irresponsible.' Shell has also recently exited offshore wind projects in Scotland and the United States, reflecting a recalibration of its energy transition strategy toward higher-margin oil and gas investments.
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Shell Sells European Onshore Renewables Portfolio to TotalEnergies
Shell has signed an agreement to sell its European onshore renewables portfolio to TotalEnergies, comprising 0.5 GW of combined renewable generation capacity in operation and development, as well as a project pipeline across Italy, the Netherlands, Spain, and the UK. The transaction is subject to regulatory approvals and is expected to complete by the end of 2026. Shell stated it is recycling capital to prioritize areas where it can create the most value, including asset-backed power trading and customer-focused energy solutions. The move aligns with Shell's strategy shift back toward oil and gas investment, as CEO Wael Sawan has called reducing global oil and gas production 'dangerous and irresponsible.' Shell has also recently exited offshore wind projects in Scotland and the United States, reflecting a broader industry trend of major European energy companies reversing earlier pledges to cut fossil fuel output.
Read sourceTotalEnergies signs renewables deals with Shell and KKR in Europe
TotalEnergies has entered two separate agreements in the European renewables sector. It will acquire Shell's entire European onshore renewables business, including 500MW of operational or under-construction solar and wind projects in Italy and the Netherlands, plus a 3.5GW pipeline of solar, wind, and battery storage projects in Italy, the UK, and Spain—totaling 4GW. Separately, TotalEnergies agreed to sell a 50% stake in a 1.2GW onshore solar and wind portfolio (enterprise value €1.8bn) to an insurance account managed by KKR, with assets in Germany, Spain, France, and Poland. TotalEnergies will retain a 50% stake and continue operating the portfolio. Both deals are expected to close by end of 2026, pending regulatory approvals. The moves align with TotalEnergies' strategy to optimize capital allocation in renewables and achieve a 12% ROACE by 2030, while Shell's divestment reflects its focus on higher-value power portfolio management.
Read sourceTotalEnergies signs renewables deals with Shell and KKR in Europe
TotalEnergies has entered two separate agreements in the European renewables sector. It will acquire Shell's entire European onshore renewables business, including 500MW of operational or under-construction solar and wind projects in Italy and the Netherlands, plus a 3.5GW pipeline of solar, wind, and battery storage projects in Italy, the UK, and Spain, totaling 4GW. Separately, TotalEnergies signed a deal with an insurance account managed by KKR to sell a 50% stake in a 1.2GW onshore solar and wind portfolio across Germany, Spain, France, and Poland, valued at €1.8bn. TotalEnergies will retain the remaining 50% and continue operating the portfolio. Both transactions are expected to close by end of 2026, pending regulatory approvals. The moves align with TotalEnergies' strategy to optimize capital allocation in renewables and achieve a 12% ROACE by 2030, while Shell's divestment reflects its focus on higher-value power portfolio management.
Read sourceShell sells European solar and wind operations to TotalEnergies
Shell PLC has agreed to sell its European onshore renewables business to France's TotalEnergies, continuing its strategy to reshape its power portfolio and recycle capital into areas of competitive advantage. The deal includes approximately 500 megawatts of solar and wind capacity in operation or under construction across the UK, Italy, Netherlands, and Spain, along with a 3.5 gigawatt pipeline of renewable and battery storage projects. For TotalEnergies, the acquisition strengthens its renewable power business in four key European markets, expanding its portfolio to nearly 10 GW of installed or under-construction renewable capacity, with a further 27 GW under development. Separately, TotalEnergies agreed to sell a 50% stake in a 1.2 GW portfolio of operational solar and wind assets in Germany, Spain, France, and Poland to investment firm KKR for an enterprise value of €1.8 billion. Both transactions are expected to complete by the end of 2026, subject to regulatory approval.
Read sourceShell sells European onshore renewables to TotalEnergies
Shell has agreed to sell its European onshore renewable energy assets to TotalEnergies, according to a report by The Business Times. The deal encompasses approximately 500 megawatts of solar and wind assets that are either currently operating or under construction. Shell stated that the divestment aligns with its strategy to refocus its power business on energy solutions that integrate renewable power with more reliable hydrocarbon-based generation. The transaction highlights a shift in Shell's approach to the European renewable energy market, as it prioritizes hybrid energy systems over standalone renewable projects. TotalEnergies, a major French energy company, will acquire these assets, expanding its renewable portfolio in Europe. The sale reflects ongoing consolidation and strategic realignment in the global energy sector as major oil and gas companies navigate the transition to cleaner energy sources.
Shell sells European onshore renewables to TotalEnergies
Shell has agreed to sell its European onshore renewable energy assets to TotalEnergies. The deal includes approximately 500 megawatts of operating or under-construction solar and wind assets. Shell stated it wants to focus its power business on energy solutions that combine renewable power with less intermittent hydrocarbon-based generation. The transaction reflects a strategic shift by Shell away from pure-play renewables in Europe, while TotalEnergies expands its renewable portfolio. The sale covers assets across multiple European countries, though specific financial terms were not disclosed. The move is part of Shell's broader strategy to streamline its power business and prioritize integrated energy solutions over standalone renewable projects.