TotalEnergies signs deal to acquire Shell’s European renewables
French energy company TotalEnergies has agreed to purchase Shell’s European onshore renewable energy businesses. The acquisition includes solar and wind projects across several countries, strengthening TotalEnergies’ position in the region’s green energy market. At the same time, TotalEnergies is selling a stake in its own renewable assets to KKR. The moves are part of the company’s strategy to optimize its renewable energy investments.
TLDR
- TotalEnergies signed a deal with Shell to acquire its European onshore renewable energy businesses, covering solar and wind power in Italy and the Netherlands, and projects in Italy, Britain, and Spain.
- The deal represents about four gigawatts of electricity production from assets in operation or under construction.
- TotalEnergies will also sell a 50% stake in a wind and solar portfolio in Germany, Spain, France, and Poland to US investment firm KKR, valuing the portfolio at 1.8 billion euros.
- The portfolio sold to KKR represents around 1.2 gigawatts of electricity production.
- TotalEnergies says these transactions will help optimize its capital allocation in renewables while continuing to expand its integrated power strategy.
