Shell said on Monday it had agreed to sell its onshore European renewables unit to TotalEnergies in a deal including assets across Italy, the Netherlands, Spain and the UK.
Under CEO Wael Sawan, Shell has scaled back its low-carbon investments to sharpen its focus on liquefied natural gas trading and upstream operations.
The transaction, expected to complete by the end of 2026, includes a portfolio of about 0.5 gigawatts of renewable generation capacity that is either operating or under development, as well as a pipeline of future projects.
TotalEnergies also announced a separate sale of a 50% stake in a 1.2 GW European renewables portfolio to global investment firm KKR, valuing the portfolio at €1.8 billion.
Total said both transactions were in line with its strategy to build renewable and gas-fired power generation capacity in key deregulated markets while selling down up to half of its renewables holdings at a profit. - Reuters
