13/08/2026 by Cameron Clarke
UK-based Shell and France-based TotalEnergies have signed a deal to transfer Shell’s European portfolio of onshore renewable assets.
The deal reflects Shell’s continued focus on prioritising key areas where it can best compete in order to deliver greater value while exercising discipline in allocating capital.
The portfolio includes 0.5 GW (gigawatts) in solar and wind generation assets that are already operational or are at the development stage. These are located in the UK, Italy, Spain and the Netherlands and will be entirely owned by TotalEnergies on completion of the deal.
TotalEnergies, which makes Total gear oil and coolant products, says these will complement its existing assets in these four key countries. Its European integrated power strategy already comprises almost 10 GW capacity, either installed or under construction.
Shell’s president for renewables, downstream and energy solutions, Machteld de Haan, said the deal was in line with the company’s:
“…continued focus on actively managing and high-grading its power portfolio in line with the strategy set out at Capital Markets Day 2025. We are recycling capital and prioritising areas where we have differentiated capabilities and can create the most value over time, including through asset-backed power trading and customer-focused energy solutions.”
The deal also includes a pipeline of projects totalling 3.5 GW capacity in battery, wind and solar power in Spain, the UK and Italy. This will add to the 27 GW in projects that TotalEnergies already has in development.
Subject to the customary approval by relevant authorities, the deal is expected to complete by the end of the year.
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