TotalEnergies acquires Shell's European onshore renewable energy unit

TotalEnergies has reached an agreement to acquire Shell's European onshore renewable energy business as part of a strategy to expand its integrated power sector. The transaction includes assets located in Italy, the Netherlands, Spain, and the United Kingdom, comprising 0.5 gigawatts of operational or under-construction wind and solar projects, as well as a pipeline of 3.5 gigawatts of solar, wind, and battery storage projects. The deal is expected to be finalized by the end of 2026, pending regulatory approval.

This divestment aligns with Shell's current corporate strategy under CEO Wael Sawan, which prioritizes investments in liquefied natural gas (LNG) and upstream oil and gas production while reducing exposure to low-carbon technologies. Simultaneously, TotalEnergies announced a separate deal to sell a 50% stake in its own mature renewable energy portfolio to the investment firm KKR for 1.8 billion euros, further refining its power generation asset management.

Following the completion of the sale by late 2026, Shell will continue its pivot toward its core hydrocarbon business, while TotalEnergies will integrate these new European assets into its expanding portfolio. The acquisition represents a significant reallocation of renewable energy infrastructure between the two major energy corporations.