TotalEnergies agreed to acquire Shell’s entire European onshore renewables business.
The deal includes 500 megawatts of wind and solar assets currently operating or under construction. These assets are primarily located in Italy and the Netherlands.
The acquisition adds a 3.5-gigawatt pipeline of future projects across Italy, the UK, and Spain. This pipeline includes battery storage developments.
TotalEnergies aims to strengthen its Integrated Power strategy in key European markets through this move. Shell is scaling back low-carbon investments to prioritize more profitable oil, gas, and energy trading operations.
Financial terms of the agreement remain undisclosed. The transaction is expected to close by the end of 2026, pending regulatory approvals.