Business Deals Total Energies Acquires Shell’s Renewables Portfolio; Sells Stake in Asset Portfolio

Total Energies has entered into two agreements: The acquisition of a 4 GW renewables 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 an already largely developed 1.2 GW renewables asset portfolio for an enterprise value of 1.8 billion euros.

Paris/France – In line with its Integrated Power 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 renewables, Total Energies announces the signing of two transactions in Europe:

The acquisition of a 4 GW renewables portfolio from Shell, including 500 MW of solar and wind assets in operation or under construction.

Total Energies has signed an agreement with Shell to acquire its entire onshore renewables business in Europe, including 500 MW of solar and wind assets in operation or under construction, mainly located in Italy and the Netherlands, and a 3.5 GW pipeline of solar, wind and battery storage projects in Italy, the United Kingdom and Spain.

This asset portfolio will be wholly owned by Total Energies upon completion of the transaction, which is expected by the end of 2026 and remains subject to approval by the relevant authorities.

This transaction complements Total Energies' power generation activities in these four key markets for the deployment of its Integrated Power strategy in Europe, in particular its European renewables asset portfolio, which amounts to nearly 10 GW of gross installed capacity or capacity under construction and 27 GW under development.

The sale to KKR of a 50 % stake in an already largely developed 1.2 GW renewables asset portfolio for an enterprise value of 1.8 billion euros.

Confirming its ability to execute partial farm-downs year after year in line with its renewables business model, Total Energies 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 asset portfolio in Europe. The portfolio's enterprise value amounts to 1.8 billion euros.

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 Total Energies.

Total Energies will retain a 50 % stake in the assets and continue to operate them after completion of the transaction, which is expected in 2026 and subject to customary conditions.

“In line with our strategy, these two transactions enable us to optimize 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 positions in selected key deregulated markets across Europe and supports the implementation of our integrated strategy across the electricity value chain, complementing 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, Gas, Renewables & Power at Total Energies. “In addition, with this agreement with KKR, we demonstrate once again our ability to implement our business model in renewables in order for Integrated Power to reach a ROACE of 12 % by 2030.”

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