TotalEnergies Acquires Renewable Assets from Shell and Partially Sells Portfolio to KKR
TotalEnergies has entered into two major renewable energy deals in Europe, acquiring the entirety of Shell's onshore renewables business across Italy, the Netherlands, the UK, Spain, and Germany. The acquisition includes operational or under-construction solar and wind projects totaling 500MW and a development pipeline of 3.5GW. Separately, TotalEnergies has agreed to sell a 50% stake in its 1.2GW onshore renewables portfolio—located across four European countries—to an insurance account managed by KKR for €1.8 billion. Both transactions are expected to close by the end of 2026 and align with TotalEnergies' strategy to strengthen its presence in key deregulated markets while optimizing capital allocation in renewable energy. Shell's divestment is part of a broader effort to refocus on high-value areas, including asset-backed power trading and customer-focused solutions. TotalEnergies now holds nearly 10GW of gross installed or under-construction capacity across Europe, with an additional 27GW in development.
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Topics: corporate strategy renewable energy solar power wind power