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Shell to sell European onshore renewables portfolio to TotalEnergies
The deal covers 0.5 GW of renewable capacity in operation and in development, plus a project pipeline across Italy, the Netherlands, Spain, and the UK, with completion expected by end-2026.
Shell has signed an agreement to sell its European onshore renewables portfolio to French energy company TotalEnergies, the UK-based supermajor said on Monday. The transaction is part of Shell’s plan to prioritize capital allocation into what it views as higher value businesses.
The portfolio included in the sale comprises 0.5 gigawatts of combined renewable generation capacity, covering assets in operation and in development. It also includes a pipeline of projects for future development across Italy, the Netherlands, Spain, and the UK.
Shell said the deal is subject to regulatory approvals and is expected to close by the end of 2026. The company has previously indicated it would adjust its power portfolio to allocate capital where it can deliver stronger long-term value.
Shell’s president for Downstream, Renewables and Energy Solutions, Machteld de Haan, said the transaction reflects capital recycling and a shift toward areas where Shell believes it has differentiated capabilities, including asset-backed power trading and customer-focused energy solutions. The announcement comes as European majors such as BP and Shell have moved away from earlier commitments to reduce oil and gas production by the end of the decade.