TotalEnergies Acquires Shell’s European Onshore Renewables Business and Sells Stake in Portfolio to KKR

TotalEnergies has agreed to acquire Shell’s entire European onshore renewables business and, in a separate transaction, to sell a 50 percent interest in one of its own developed portfolios. The acquisition from Shell comprises approximately 500 megawatts of solar and wind assets already in operation or under construction, concentrated mainly in Italy and the Netherlands, along with a 3.5-gigawatt development pipeline of solar, wind and battery storage projects located in Italy, the United Kingdom and Spain. The transaction is expected to close by the end of 2026 subject to regulatory approvals and will leave TotalEnergies as sole owner of the assets.

Concurrently, TotalEnergies has agreed to sell a 50 percent stake in a 1.2-gigawatt portfolio of developed onshore solar and wind assets situated in Germany, Spain, France and Poland to an insurance account managed by KKR. The portfolio carries an enterprise value of €1.8 billion. TotalEnergies will retain the remaining 50 percent interest and continue to operate the assets after completion.

Both transactions support TotalEnergies’ Integrated Power strategy in selected European markets and its approach of optimizing capital allocation within renewables. The company currently holds more than 37 gigawatts of gross renewable power generation capacity and is targeting more than 100 terawatt-hours of net electricity production by 2030.