Shell agreed to sell its entire European onshore renewables unit to TotalEnergies. The transaction is expected to close by the end of 2026. Financial terms of the agreement were not disclosed.
The portfolio includes assets across the UK, Spain, Italy, and the Netherlands. TotalEnergies acquires 500 megawatts of operational or under-construction wind and solar capacity. The deal includes a 3.5-gigawatt pipeline of future solar, wind, and battery storage projects.
Shell is divesting low-carbon assets to focus on core oil and gas operations. The company plans to recycle capital into higher-return areas like asset-backed trading.