TotalEnergies has announced two transactions in Europe: the acquisition of Shell's 4 GW renewables portfolio and the sale of a 50% stake in a 1.2 GW renewable asset portfolio to KKR (TotalEnergies press release, 03/08/2026).
The French energy company has agreed to acquire Shell's entire onshore renewables business in Europe, comprising around 500 MW of solar and wind capacity that is either operational or under construction, primarily in Italy and the Netherlands, as well as a 3.5 GW pipeline of solar, wind and battery storage projects located in Italy, the United Kingdom and Spain.
Upon completion of the transaction, expected by the end of 2026 and subject to regulatory approvals, TotalEnergies will obtain full ownership of the portfolio.
Separately, TotalEnergies has signed an agreement with an insurance account managed by KKR, a global investment firm, for the sale of a 50% stake in a 1.2 GW portfolio of onshore solar and wind assets in Europe. The portfolio has an enterprise value of EUR 1.8 bn.
The assets included in the transaction are located in Germany, Spain, France and Poland. The electricity generated by these assets is either already contracted under third-party agreements or will be marketed by TotalEnergies. Following completion of the transaction, which is expected in 2026 and remains subject to customary closing conditions, TotalEnergies will retain a 50% interest in the portfolio and continue to operate the assets.