Shell Signs Deal To Sell European Onshore Renewables Portfolio To TotalEnergies

Shell has signed a sale and purchase agreement with TotalEnergies to sell its European onshore renewables portfolio.

The portfolio includes development-stage and operational assets in Italy, the Netherlands, Spain and the United Kingdom.

The deal reflects Shell’s strategy of actively managing and upgrading its power portfolio, in line with the strategy outlined at its 2025 Capital Markets Day, Machteld de Haan, President of Downstream, Renewables and Energy Solutions, said.

“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,” de Haan said.

The transaction is subject to regulatory approvals and is expected to close by the end of 2026.

“In line with our strategy, these two transactions enable us to optimise our capital allocation in renewables while continuing to deploy our integrated power strategy. The acquisition of Shell’s onshore renewables assets in Europe strengthens our power generation position in selected deregulated markets across Europe and supports the implementation of our integrated strategy across the electricity value chain. It also complements the flexible generation capacity of the gas-fired power plants of TTEP, our joint venture with EPH, particularly in Italy, the Netherlands and the United Kingdom,” said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies.