Key Takeaways

• TotalEnergies is acquiring Shell’s European onshore renewables business, adding 4GW of renewable energy assets.
• The acquisition increases TotalEnergies’ renewable portfolio in Europe to nearly 10GW installed capacity and 27GW in development.
• TotalEnergies also plans to sell a 50% stake in a 1.2GW solar and wind portfolio across multiple countries to KKR, valued at €1.8 billion.

Acquisition Details

TotalEnergies has announced its acquisition of Shell’s onshore renewables business in Europe, which includes 4GW of renewable energy assets. This deal comprises 500MW of operational or under-construction solar and wind assets, primarily situated in Italy and the Netherlands. Additionally, it includes a substantial 3.5GW development pipeline of solar, wind, and battery storage projects across Italy, the UK, and Spain.

This acquisition significantly bolsters TotalEnergies’ renewable portfolio, increasing its installed or under-construction capacity in Europe to nearly 10GW, with a total of 27GW under development. The completion of the transaction is anticipated by the end of 2026, pending regulatory approvals.

Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, stated that this acquisition enhances the company’s power generation position in key deregulated European markets. He highlighted the importance of integrating the company’s renewable assets with the flexible generation capacity of gas-fired power plants, particularly in markets such as Italy, the Netherlands, and the United Kingdom.

Stake Sale

In a separate move, TotalEnergies has also agreed to sell a 50% stake in a 1.2GW portfolio of onshore solar and wind assets across Germany, Spain, France, and Poland to the investment firm KKR. This portfolio has an enterprise value estimated at €1.8 billion, with the electricity generated sold to third parties or marketed by TotalEnergies itself.

TotalEnergies indicated that this stake sale is consistent with its business strategy of divesting 50% of developed renewable assets. Michel remarked that this agreement with KKR illustrates the company’s ability to execute its renewable business model effectively, aiming for a Return on Average Capital Employed (ROACE) of 12% by 2030.

As of June 2026, TotalEnergies boasts more than 37GW of gross renewable power generation capacity globally and aims to achieve over 100TWh of net electricity production by 2030.

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