Shell Sells European Onshore Renewables Unit to TotalEnergies
Shell has agreed to sell its European onshore renewables business to TotalEnergies, transferring a portfolio of renewable energy assets across Italy, the Netherlands, Spain and the UK. The transaction is expected to close by the end of 2026.
The deal includes approximately 0.5 GW of renewable generation capacity that is either operating or under development, along with a pipeline of future projects. Financial terms were not disclosed.
The sale follows Shell's ongoing strategy under CEO Wael Sawan to reduce investment in low-carbon businesses while increasing its focus on liquefied natural gas trading and upstream operations. The agreement comes after reports earlier this year that the company was exploring a sale of its European onshore renewables portfolio.
Separately, TotalEnergies announced the sale of a 50% stake in a separate 1.2 GW European renewables portfolio to investment firm KKR, valuing that portfolio at €1.8 billion.
Commenting on the transactions, TotalEnergies stated they are "in line with its strategy to build renewable and gas-fired power generation capacity in key deregulated markets while selling down up to half of its renewables holdings at a profit."
Source: Reuters
