Prime Highlights :
- TotalEnergies acquires Shell’s entire onshore renewables business in Europe, adding a 4GW portfolio across Italy, Netherlands, UK and Spain.
- TotalEnergies sells 50% stake in 1.2GW renewables portfolio to KKR in a deal valued at €1.8 billion.
Key Facts :
- Shell deal expected to close by end of 2026, taking TotalEnergies’ European renewables base to nearly 10GW.
- TotalEnergies retains 50% stake in KKR portfolio spanning Germany, Spain, France and Poland.
Background :
TotalEnergies has signed agreements to acquire Shell’s onshore renewables business in Europe and to sell a 50% stake in a 1.2GW renewables portfolio to KKR.
The French energy major will take over Shell’s entire onshore renewables business in Europe, covering 500MW of solar and wind assets in operation or under construction, largely based in Italy and the Netherlands.
The deal also brings TotalEnergies a 3.5GW pipeline of solar, wind and battery storage projects across Italy, the United Kingdom and Spain, taking the total acquired portfolio to 4GW. TotalEnergies expects the transaction to close by the end of 2026, pending regulatory approval, after which it will wholly own the portfolio.
The acquisition adds to TotalEnergies’ power generation activities across four key European countries and strengthens its European renewables asset base, which now stands at nearly 10GW of gross installed or under-construction capacity, with a further 27GW under development.
Alongside the Shell deal, TotalEnergies has agreed to sell a 50% stake in a 1.2GW onshore solar and wind portfolio in Germany, Spain, France and Poland to an insurance account managed by KKR, in a transaction valuing the portfolio at €1.8 billion.
TotalEnergies will retain the remaining 50% stake and continue operating the assets, with electricity from the portfolio already sold to third parties or marketed by the company. This transaction is also expected to complete in 2026.
Stéphane Michel, who heads Gas, Renewables & Power at TotalEnergies, said the two deals allow the company to sharpen how it allocates capital toward renewables, while pushing forward its Integrated Power strategy and working toward a 12% ROACE goal by 2030.