TotalEnergies to acquire Shell’s European onshore renewables portfolio

Shell has signed a sale and purchase agreement to sell its European onshore renewables portfolio to TotalEnergies. The deal is expected to be completed by the end of 2026, pending regulatory approvals.

The portfolio includes approximately 500 MW of solar and wind assets currently in operation or under construction, primarily located in Italy and the Netherlands. Additionally, the transaction includes a 3.5 GW pipeline of solar, wind, and battery storage projects situated across Italy, the United Kingdom, and Spain.

Shell stated that the sale is part of its strategy to recycle capital and prioritize areas with differentiated capabilities, such as asset-backed power trading and customer-focused energy solutions. Clifford Chance acted as the legal advisor to TotalEnergies for the acquisition.