TotalEnergies strengthens its position in the renewable energy market with the acquisition of Shell's European assets, adding significant solar and wind capacity to its portfolio.
French energy giant TotalEnergies said Monday that it had signed a deal with Shell to buy Shell's European onshore renewable energy businesses for an undisclosed amount.
The deal represents around four gigawatts of electricity production, mainly solar and wind power in operation or being built in Italy and the Netherlands, as well as solar, wind and battery storage projects in Italy, Britain and Spain.
At the same time, TotalEnergies said it would sell a 50% stake in a portfolio of wind and solar assets in Germany, Spain, France and Poland to the US investment firm KKR, in a deal that values the portfolio at 1.8 billion euros ($2.1 billion).
The portfolio represents around 1.2 gigawatts of electricity production.
