TotalEnergies Renewable Energy Deal expands the company’s European wind and solar portfolio through Shell asset acquisition

TotalEnergies, the French energy company led by Chief Executive Officer Patrick Pouyanné, has strengthened its clean energy ambitions after agreeing to acquire Shell’s European onshore renewable energy businesses in a transaction that expands its wind, solar and battery storage portfolio across key markets.

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The Deal covers about 4 gigawatts of electricity production capacity, including operational and developing solar and wind projects in Italy and the Netherlands, alongside additional renewable and battery storage assets in Italy, the United Kingdom and Spain.

TotalEnergies said the agreement with Shell forms part of its broader strategy to increase its position in the European renewable energy market while balancing investment across its integrated power business.

Stephane Michel, TotalEnergies’ president for gas, renewables and power, said the transactions would allow the company to optimise investment decisions while continuing to expand its renewable energy operations.

“These two transactions enable us to optimise our capital allocation in renewables while continuing to deploy our Integrated Power strategy,” Michel said.

The acquisition comes as major energy companies continue adjusting their portfolios in response to changing global energy demand, climate targets and investor pressure for more sustainable business models.

Shell’s renewable energy assets being transferred to TotalEnergies represent a significant addition to the French company’s existing European clean power operations.

TotalEnergies said it already has nearly 10 gigawatts of renewable electricity capacity either operating or under construction in Europe, with an additional 27 gigawatts under development.

Alongside the Shell acquisition, TotalEnergies announced a separate agreement to sell a 50 per cent stake in a portfolio of wind and solar assets across Germany, Spain, France and Poland to US investment firm KKR.

The portfolio, which includes approximately 1.2 gigawatts of electricity production capacity, has been valued at €1.8 billion, or about $2.1 billion.

The dual transactions reflect a growing trend among major energy companies to restructure renewable portfolios through acquisitions, partnerships and asset sales to improve returns while accelerating clean energy expansion.

For Shell, the divestment forms part of ongoing efforts to streamline its renewable energy activities and focus capital on selected areas of its energy transition strategy.

For TotalEnergies, the acquisition provides a strategic boost to its European renewable footprint and strengthens its role in the region’s evolving energy landscape.

The agreement highlights the increasingly competitive race among global energy companies to secure scalable renewable assets as governments and businesses seek alternatives to traditional fossil fuel sources.

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With the completion of the transactions, TotalEnergies is expected to further consolidate its presence in European solar and wind markets while continuing its transition towards a more diversified energy portfolio.