TotalEnergies has signed an agreement to acquire Shell's onshore renewables business in Europe. The transaction includes 500 MW of solar and wind assets in operation or under construction, mainly in Italy and the Netherlands, together with a 3.5 GW pipeline of solar, wind and battery storage projects in Italy, the United Kingdom and Spain.
The portfolio will become wholly owned by TotalEnergies on completion of the transaction, which is expected by the end of 2026, subject to regulatory approvals.
Separately, TotalEnergies has agreed to sell a 50% stake in a 1.2 GW portfolio of operating onshore solar and wind assets in Europe to an insurance account managed by KKR. The portfolio has an enterprise value of €1.8 billion.
The assets are located in Germany, Spain, France and Poland. TotalEnergies will retain the remaining 50% stake and continue to operate the portfolio after completion of the transaction, which is expected in 2026, subject to customary closing conditions.
