Energy: Shell sells European onshore business to TotalEnergies
The transaction includes plants in Italy, the Netherlands, Spain and the UK. The sales reflect the different strategies of the two groups.
Royal Dutch Shell has sold its European onshore renewable energy business to TotalEnergies, the firm announced on Monday. The deal includes facilities in Italy, the Netherlands, Spain, and the United Kingdom. Shell did not disclose the purchase price, but it expects the sale to be completed by the end of 2026. According to TotalEnergies, the package comprises approximately 500 megawatts of operational or under-construction solar and wind power plants, along with a pipeline of projects totaling 3.5 gigawatts.
TotalEnergies also revealed plans to sell a 50% stake in another European renewable energy portfolio valued at 1.8 billion euros to private investment firm KKR. This portfolio is valued at 1.2 gigawatts. The divestitures reflect the contrasting strategies of the two companies: Shell CEO Wael Sawan has been reducing investment in renewables since taking office three years ago, shifting focus towards conventional oil and gas production and trading.
Conversely, TotalEnergies sees these transactions as consistent with its strategy to expand capacities in key markets while divesting a portion of its renewable assets for profit. Europe's installed or under-construction renewable capacity for the French company stands at nearly ten gigawatts.
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