Shell Sells European Onshore Renewables Unit to TotalEnergies
2 sources across 2 countries · Brazil · United Kingdom
Who reported this
- CNN Brasil
- Reuters
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
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Shell is selling its European onshore renewables unit to TotalEnergies. The agreement includes assets in Italy, the Netherlands, Spain, and the United Kingdom. According to TotalEnergies, the portfolio consists of approximately 500 megawatts of solar and wind assets that are either in operation or under construction, as well as a 3.5 gigawatt pipeline of solar, wind, and battery storage projects. The transaction is expected to be completed by the end of 2026. Shell did not disclose the value of the sale.
This move follows a strategic shift under CEO Wael Sawan to reduce low carbon investments and prioritize upstream operations and trading for better returns in oil and gas. Shell recently reported that its second quarter profit more than doubled compared to the previous year, driven by higher energy prices and strengthened liquefied natural gas trading. The company intends to focus its energy business on providing solutions to large customers by combining renewable energy with hydrocarbon based generation.
Simultaneously, TotalEnergies announced the sale of a 50 percent stake in a separate 1.2 GW European renewables portfolio to the investment firm KKR, valuing that portfolio at 1.8 billion euros. TotalEnergies stated that these transactions align with its strategy to build generation capacity in key deregulated markets while selling up to half of its renewable assets at a profit.
How each side framed it
- Centre
- The reports framed the event as a strategic business realignment focused on maximizing financial returns and optimizing energy portfolios.
Sources
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