TotalEnergies has entered into two separate agreements in the European renewables sector involving the acquisition of assets from Shell and the partial sale of a portfolio to KKR.
The agreement with Shell covers TotalEnergies’ acquisition of the former’s entire European onshore renewables business
This transaction includes 500MW of solar and wind projects either operational or under construction, primarily in Italy and the Netherlands. In addition, the deal encompasses a 3.5GW pipeline of solar, wind and battery storage projects in development in Italy, the UK and Spain. In total, the portfolio to be acquired by TotalEnergies amounts to 4GW.
Upon completion, TotalEnergies will become the sole owner of these assets. Shell stated that this divestment is in line with its strategy to manage its power portfolio and focus on areas where it can deliver higher long-term value. Shell downstream, renewables and energy solutions president Machteld de Haan said: “This agreement reflects Shell’s continued focus on actively managing and high-grading its power portfolio in line with the strategy set out at Capital Markets Day 2025. “We are recycling capital and prioritising areas where we have differentiated capabilities and can create the most value over time, including through asset-backed power trading and customer-focused energy solutions.” Separately, TotalEnergies has signed a sale agreement with an insurance account managed by KKR for a 50% stake in a 1.2GW onshore solar and wind asset portfolio.