TotalEnergies has announced the acquisition of Shell’s onshore renewables business in Europe, which comprises 4GW worth of renewable energy assets.
The deal will see TotalEnergies acquire 500MW of solar and wind assets that are either operational or under construction, and are located primarily in Italy and the Netherlands, along with a 3.5GW development pipeline of solar, wind and battery storage projects across Italy, the UK and Spain.
Capacity increase
This will increase TotalEnergies’ renewables portfolio in Europe to close to 10GW of installed or under-construction capacity and 27GW under development.
The transaction is expected to be completed by the end of 2026, subject to regulatory approvals.
“The acquisition of Shell’s onshore renewables assets in Europe strengthens our power generation positions in selected key deregulated markets across Europe and supports the implementation of our integrated strategy across the electricity value chain, complementing the flexible generation capacity of the gas-fired power plants of TTEP, our joint venture with EPH, particularly in Italy, the Netherlands and the United Kingdom,” commented Stéphane Michel, president, Gas, Renewables & Power at TotalEnergies.
Stake sale
Elsewhere, TotalEnergies has also agreed to sell a 50% stake in a 50% stake in a 1.2GW portfolio of onshore solar and wind assets in Germany, Spain, France and Poland to investment firm KKR.
This portfolio has an enterprise value of €1.8 billion, with the electricity produced by these assets – which are currently operational – already sold to third parties or marketed by the company.
TotalEnergies said that the deal supports its business model of selling 50% stakes in renewable assets once developed.
“With this agreement with KKR, we demonstrate once again our ability to implement our business model in renewables in order for Integrated Power to reach a ROACE of 12% by 2030,” Michel added.
As of the end of June 2026, TotalEnergies hosted more than 37GW of gross renewable power generation capacity globally and is targeting more than 100TWh of net electricity production by 2030. Read more here.
