TotalEnergies to buy Shell’s wind, solar business in Europe

French energy conglomerate TotalEnergies announced on Monday a strategic acquisition of Shell's European wind and solar businesses. In exchange for an undisclosed sum, TotalEnergies will now control a portfolio of renewable energy projects with a combined capacity of approximately four gigawatts. The majority of these projects are located in Italy and the Netherlands, primarily involving solar and wind power installations that are either operational or currently under development.

Additionally, the deal encompasses solar, wind, and battery storage initiatives in Italy, Britain, and Spain. Meanwhile, TotalEnergies announced a separate sale, transferring a 50% stake in a portfolio of German, Spanish, French, and Polish wind and solar assets to the U.S. investment firm KKR. This portfolio, valued at 1.8 billion euros ($2.1 billion), generates around 1.2 gigawatts of electricity.

TotalEnergies' President for gas, renewables, and power, Stephane Michel, stated that these transactions will optimize capital allocation in renewables while enabling further deployment of their Integrated Power strategy. The acquisition bolsters TotalEnergies' renewable energy footprint in Europe, where the company already operates or is constructing approximately 10 GW of renewable capacity, with an additional 27 GW currently in development.