TotalEnergies acquires Shell's European renewable portfolio

TotalEnergies signed an agreement to purchase Shell's on‑shore renewable business in Europe, covering roughly 4 GW of assets. The deal includes about 0.5 GW of operating and under‑construction solar and wind farms in Italy, the Netherlands, Spain and the United Kingdom, plus a pipeline of projects totalling 3.5 GW in solar, wind and battery storage across Italy, the UK and Spain. The transaction is subject to regulatory approval and is expected to close by the end of 2026.

At the same time, TotalEnergies sold a 50 % stake in its own 1.2 GW portfolio to investment firm KKR. That portfolio contains assets in Germany, Spain, France and Poland, with TotalEnergies retaining the remaining half and continuing to operate the sites. Both moves are described by TotalEnergies executives as a capital‑allocation strategy to strengthen the company’s position in key deregulated markets and to bring its European renewable capacity close to 10 GW of installed or under‑construction capacity, alongside a further 27 GW in development. Shell is divesting the assets as part of its strategic shift under CEO Wael Sawan toward higher‑return activities such as energy trading and oil‑and‑gas projects.