TotalEnergies Acquires Shell's 4‑GW European Renewable Portfolio

Shell plc has sold its entire European on‑shore renewable portfolio, roughly 4 GW of solar and wind projects, to France’s TotalEnergies SE. The assets include operating and under‑construction facilities in Italy, the Netherlands, the United Kingdom and Spain, as well as a pipeline of additional projects across the region. The transaction, expected to close by the end of 2026 pending regulatory approval, reflects Shell’s decision to focus on its core oil and gas business while TotalEnergies expands its clean‑energy footprint.

In a related deal, TotalEnergies is divesting a 50 % stake in a separate 1.2‑GW on‑shore solar and wind portfolio to private‑equity firm KKR. That portfolio contains projects in Germany, Spain, France and Poland. TotalEnergies will retain operational control of the assets. Both deals illustrate the accelerating shift of major fossil‑fuel majors toward renewable power generation in Europe.