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TotalEnergies to Buy Shell's Onshore Renewables in Europe, Sell 50% of EUR1.8 Billion Portfolio to KKR

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TotalEnergies (TTE.PA, TTE.L) agreed to buy Shell's (SHEL.L, SHELL.AS) onshore renewables business in Europe and to sell to KKR a 50% stake in a renewables asset portfolio valued at 1.8 billion euros.

Under the first deal announced Monday, the French energy company is gaining ownership of its British peer's 4-gigawatt onshore renewables portfolio comprising solar, wind and battery storage assets in Italy, the Netherlands, the UK and Spain. Some of the assets are already in operation, while the others are still under construction.

Separately, TotalEnergies is selling to a KKR-managed insurance account a 50% stake in a 1.2-gigawatt onshore solar and wind assets in Germany, Spain, France and Poland.

Both deals are expected to be completed within 2026, subject to closing conditions, including the approval of relevant regulators.

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