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Shell to Sell European Renewable Assets to Total Energies

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Shell (SHEL) has agreed to sell its European onshore renewables portfolio to Total Energies (TTE), the oil giant disclosed Monday.

No price tag was disclosed on the transaction, which is expected to conclude in 2026, and which includes 500 megawatts of renewable generation capacity that is either operating or being built in the Netherlands, Spain and the UK.

In addition, the Paris-based Total Energies said it will acquire from a Shell a 3.5 gigawatt pipeline of unbuilt solar, wind and battery storage projects in Italy, the UK and Spain.

Separately, Total Energies also disclosed the sale of a 50% stake in a 1.2 gigawatt onshore solar and wind portfolio in Europe to an insurance arm of US-based investment house KKR (KKR).

A sale price was not disclosed, but Total Energies said it retains a 50% stake the assets sold to KKR, and the whole portfolio has an enterprise value of 1.8 billion euros.

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