Shell sells European renewables business to TotalEnergies

The transaction includes renewable energy assets in the UK, Italy, the Netherlands and Spain, together with a four‑gigawatt development portfolio spanning solar, wind and battery storage projects.

Around 500 megawatts of the portfolio is already operational or under construction, with the remainder made up of projects in development.

The sale, which remains subject to regulatory approval, is expected to complete before the end of the year.

Shell said the agreement reflects its ongoing strategy of reshaping its power business following plans outlined at its 2025 capital markets day.

Machteld de Haan, Shell’s president for downstream, renewables and energy solutions, said: “This agreement reflects Shell’s continued focus on actively managing and high‑grading its power portfolio in line with the strategy set out at capital markets day 2025.

“We are recycling capital and prioritising areas where we have differentiated capabilities and can create the most value over time, including through asset‑backed power trading and customer‑focused energy solutions.”

For TotalEnergies, the acquisition strengthens its position in Europe’s deregulated electricity markets and expands its renewable generation portfolio.

Stéphane Michel, president for gas, renewables and power at TotalEnergies, said the acquisition: “Strengthens our power generation positions in selected key deregulated markets across Europe and supports the implementation of our integrated strategy across the electricity value chain”.

The announcement follows a broader shift among major energy companies as they reassess investment priorities.

It comes days after BP revealed it was seeking a buyer for its UK North Sea business, ending more than six decades of production in the basin.