TotalEnergies agreed on 3 August to acquire Shell's entire onshore renewables business in Europe, a portfolio of about 4 GW including operating assets and development projects, for an undisclosed sum.
Why TotalEnergies SE is buying Shell's European onshore renewables business
TotalEnergies said the assets strengthen its power generation positions in selected deregulated European markets as part of its Integrated Power strategy, lifting its European renewables portfolio to nearly 10 GW installed or under construction and 27 GW under development. Shell said the sale lets it recycle capital and prioritise areas where it has differentiated capabilities.
“In line with our strategy, these two transactions enable us to optimize our capital allocation in renewables”
Deal terms and financing
The business comprises about 500 MW of solar and wind assets in operation or under construction, mainly in Italy and the Netherlands, and a 3.5 GW pipeline of solar, wind and battery storage projects in Italy, the UK and Spain. TotalEnergies will own it outright. Separately, it agreed to sell a 50% stake in an already largely developed 1.2 GW portfolio in Germany, Spain, France and Poland to an insurance account managed by KKR, at an enterprise value of €1.8bn.
Regulatory approvals and timing
The Shell acquisition is expected to close by the end of 2026, subject to approval by the relevant authorities.
Market context
The sale follows Shell's earlier divestment of Sprng, its Indian renewables platform, as the company narrows its power business.
