TotalEnergies announced that it is acquiring Shell’s renewables division and selling a 50% stake in a developed assets portfolio to KKR. The acquisition of Shell’s onshore renewable energy portfolio complements TotalEnergies’ power generation activities in four European countries. The transaction with KKR is in line with TotalEnergies’ business model of selling 50% stakes in renewable assets once they are developed, company officials said.
“In line with its integrated energy strategy in Europe, focused on selected deregulated markets, as illustrated by the recent transaction with EPH, and with its business model designed to optimize capital allocation in the renewable energy sector, TotalEnergies announces the signing of two transactions in Europe: the acquisition of a 4 GW renewable energy portfolio from Shell, including 500 MW of solar and wind assets in operation or under construction, and the sale to KKR of a 50% stake in a 1.2 GW renewable assets portfolio already largely developed, for an asset value of 1.8 billion euros,” company officials said.
Thus, in the first transaction, TotalEnergies has signed an agreement with Shell to acquire its entire onshore renewable energy division in Europe, including 500 MW of solar and wind assets in operation or under construction, located mainly in Italy and the Netherlands and a network of 3.5 GW of solar, wind and battery storage projects in Italy, the United Kingdom and Spain.
This portfolio of assets will be fully owned by TotalEnergies upon completion of the transaction, which is expected by the end of 2026 and remains subject to the approval of the relevant authorities.
This transaction complements TotalEnergies’ power generation activities in these four key markets for the implementation of its Integrated Power strategy in Europe, in particular its European portfolio of renewable assets, which amounts to almost 10 GW of gross capacity installed or under construction and 27 GW in development.
Meanwhile, the second transaction consists of the sale to KKR of a 50% stake in a largely developed 1.2 GW renewable assets portfolio, for an enterprise value of €1.8 billion.
Confirming its ability to execute partial share reductions of agricultural parks year after year, in line with its renewable energy business model, TotalEnergies has signed an agreement with an insurance account managed by KKR, a leading global investment firm, for the sale of a 50% stake in a 1.2 GW onshore solar and wind assets portfolio in Europe. The enterprise value of the portfolio amounts to €1.8 billion. The transaction covers a portfolio of assets in Germany, Spain, France and Poland. The electricity produced by these assets is already sold to third parties or will be marketed by TotalEnergies.
TotalEnergies will retain a 50% stake in the assets and will continue to operate them after the transaction is completed, which is expected in 2026 and subject to customary conditions.
“In line with our strategy, these two transactions allow us to optimize our capital allocation in renewable energy while continuing to implement our Integrated Power strategy. The acquisition of Shell’s onshore renewable energy assets in Europe strengthens our positions in power generation in certain key deregulated markets in Europe and supports the implementation of our integrated strategy across the entire power value chain, complementing the flexible generation capacity of TTEP, our joint venture with EPH, in particular in Italy, the Netherlands and the United Kingdom,” said Stéphane Michel, President of the Gas, Renewables & Power division at TotalEnergies. “Furthermore, through this agreement with KKR, we are once again demonstrating our ability to implement our renewable energy business model so that Integrated Power can achieve a 12% ROACE by 2030.”
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