TotalEnergies says to buy Shell’s wind, solar business in Europe
The deal represents around 4GW of electricity production, including solar and wind power in Italy and the Netherlands, as well as solar, wind and battery storage projects in Italy, Britain and Spain.
French energy company TotalEnergies has agreed to purchase Shell's European onshore wind and solar assets for an undisclosed sum. The deal encompasses approximately 4GW of electricity production, primarily solar and wind power currently operational or under construction in Italy, the Netherlands, and projects involving solar, wind, and battery storage in Italy, Britain, and Spain.
Simultaneously, TotalEnergies announced it would sell a 50% stake in a German, Spanish, French, and Polish wind and solar asset portfolio to investment firm KKR. This portfolio, valued at €1.8 billion (US$2.1 billion), generates around 1.2GW of electricity. TotalEnergies' president for gas, renewables, and power, Stephane Michel, stated that these transactions allow the company to optimize its capital allocation in renewables while continuing to pursue its Integrated Power strategy.
The acquisition of Shell's European operations will expand TotalEnergies' renewable energy presence in the region, which currently boasts nearly 10GW of operational and under-construction production sites, with an additional 27GW in development.
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