Shell has signed an agreement to sell its onshore renewable energy business portfolio in Europe to the French energy company TotalEnergies.
The transaction, which is expected to be completed by the end of the year, remains subject to regulatory approvals.
Following the completion of the deal, the entire portfolio will pass to the control of TotalEnergies.
The portfolio acquired from Shell comprises approximately 500 megawatts of solar and wind power plants that are either under construction or already in operation, with the majority located in the Netherlands and Italy.
Total capacity of solar, wind, and battery storage projects currently being developed in Spain, the UK, and Italy.
The agreement also encompasses solar, wind, and battery storage projects currently under development in Italy, the UK, and Spain with a total capacity of 3.5 gigawatts.
TotalEnergies is selling a stake to KKR.
