The sale marks Shell’s shift toward higher-margin energy segments as it trims lower-return renewable assets.
Shell has agreed to sell its European onshore renewables portfolio to TotalEnergies, including 0.5 gigawatts of operational and in-development capacity. The assets span Italy, the Netherlands, Spain, and the UK, along with a pipeline of future projects.
The deal aligns with Shell’s strategy to reallocate capital to businesses with stronger returns, following a broader industry trend of refining renewable exposure. Regulatory approvals are pending, with completion expected later this year.
No financial terms were disclosed, but the transaction underscores Shell’s focus on optimizing its energy transition investments while divesting non-core assets.