TotalEnergies has announced the completion of two major agreements in Europe, reinforcing its Integrated Power strategy focused on deregulated markets and renewable energy expansion.
The company has reached a deal with Shell to acquire its entire onshore renewables business in Europe, which includes 500 MW of operational and under-development solar and wind assets, mainly located in Italy and the Netherlands.
The agreement also covers a 3.5 GW pipeline of solar, wind, and battery storage projects across Italy, the United Kingdom, and Spain.
The transaction, expected to close by the end of 2026 subject to regulatory approvals, will grant TotalEnergies full ownership of the portfolio.
This acquisition strengthens its electricity generation footprint in four key European markets and supports its growing renewable capacity, which now stands at nearly 10 GW installed or under development, with an additional 27 GW in progress.
In a separate move, TotalEnergies has signed an agreement with an insurance entity managed by KKR to sell a 50% stake in a 1.2 GW portfolio of onshore solar and wind assets.
Also Read: Europe Urged to Accelerate AI Push After OpenAI Security Breach
Valued at €1.8 billion, the assets span Germany, Spain, France, and Poland, with TotalEnergies retaining operational control.
Also Read: EY Warns UK Economy Could Shrink in 2027 Amid Hormuz Disruption
“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,” says Stéphane Michel, President, Gas, Renewables & Power at TotalEnergies.
Also Read: Tesla Mixed Europe Sales as Registrations Surge, Fall
“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,” adds Stéphane Michel.