French energy giant TotalEnergies has agreed to acquire Shell’s onshore wind and solar power business in Europe, a move expected to significantly strengthen its renewable energy operations across the continent. Financial details of the transaction were not disclosed.
The acquisition includes renewable energy projects with a combined capacity of about four gigawatts, made up of operating facilities, projects under construction and several developments still in the pipeline. The assets are spread across Italy, the Netherlands, the United Kingdom and Spain, with additional battery storage projects included in the deal.
TotalEnergies said the purchase aligns with its long-term strategy of expanding electricity generation from renewable sources and increasing its presence in Europe’s growing clean energy market. The company noted that the new assets would complement its existing operations across the region.
Following the transaction, TotalEnergies will have nearly 10 gigawatts of renewable electricity capacity either in operation or under construction across Europe, while another 27 gigawatts of projects remain under development.
At the same time, TotalEnergies announced a separate agreement to sell a 50 per cent stake in part of its renewable energy portfolio to U.S. investment firm KKR. The portfolio includes wind and solar assets in Germany, France, Spain and Poland, with the transaction valuing the business at about €1.8 billion.
For Shell, the sale represents another step in its ongoing strategy to streamline its renewable energy investments and focus on projects that deliver stronger financial returns. The company has recently shifted more attention toward oil, gas, energy trading and selected low-carbon businesses.
Industry analysts believe the agreement highlights the changing strategies of major global energy companies as they continue to reshape their investment portfolios while responding to the growing demand for cleaner energy sources.
The transaction is expected to be completed after receiving the necessary regulatory approvals, with both companies expressing confidence that the deal will support their respective long-term business objectives in the evolving global energy market.