TotalEnergies Acquires 4 GW of Renewables from Shell and Divests 50% of Portfolio to KKR
TotalEnergies announced the acquisition of Shell's onshore renewable portfolio in Europe for 4 GW of capacity, complemented by the divestment of 50% of a 1.2 GW asset to KKR for 1.8 billion euros. These two transactions illustrate the implementation of the group's business model in renewable energy and its Integrated Power strategy.
Shell: Acquisition of a 4 GW Portfolio in Operation and Development
TotalEnergies signed an agreement for the acquisition of all of Shell's onshore renewable activities in Europe. The portfolio includes 500 MW of solar and wind assets in operation or under construction, mainly located in Italy and the Netherlands, complemented by 3.5 GW of projects in development at pipeline stages in Italy, the United Kingdom and Spain. These assets include solar, wind and battery storage projects. TotalEnergies will hold 100% of the portfolio upon completion of the transaction, which is expected to close before the end of 2026 and remains subject to approval by the competent authorities. This acquisition is part of the group's Integrated Power strategy in Europe, focused on certain deregulated markets.
KKR Acquires 50% of a 1.2 GW Portfolio for 1.8 Billion Euros
In parallel, TotalEnergies signed an agreement with an insurance fund managed by KKR for the divestment of 50% of a portfolio of onshore solar and wind assets of 1.2 GW distributed in Germany, Spain, France and Poland. The enterprise value of this portfolio amounts to 1.8 billion euros. TotalEnergies will retain a 50% stake and will continue to operate all assets after the completion of the transaction, expected in 2026 and subject to customary conditions. Electricity produced is already sold to third parties or will be commercialized by TotalEnergies.
Confirmed Business Model to Achieve 12% ROACE by 2030
These two transactions demonstrate the group's ability to execute its business model of partial divestment of renewable assets once developed. According to Stéphane Michel, Chief Executive Officer Gas, Renewables & Power at TotalEnergies, these operations make it possible to optimize capital allocation and to continue the vertical integration of the electricity value chain, notably through complementarity with TTEP, the gas joint venture with EPH. The group currently has more than 37 GW of gross renewable electricity generation capacity and targets net electricity production of more than 100 TWh by 2030, combining renewable and flexible assets (gas plants, storage) to supply low-carbon electricity 24/7.
