Shell has agreed to sell its European onshore renewables portfolio to TotalEnergies, marking another step in the energy major’s strategy to optimize its power business and recycle capital toward higher-value growth areas. The companies have signed a Sale and Purchase Agreement (SPA) covering a portfolio of operational and development-stage renewable energy assets across Italy, the Netherlands, Spain, and the UK.
The transaction, which remains subject to regulatory approvals, is expected to close by the end of 2026. Financial details were not disclosed.
The portfolio includes approximately 0.5 GW of combined renewable power generation capacity that is either operational or under development, along with an additional pipeline of future renewable energy projects.
Machteld de Haan, President of Downstream, Renewables and Energy Solutions at Shell, said the sale aligns with the company’s strategy announced during Capital Markets Day 2025. She said Shell is actively managing and upgrading its power portfolio by recycling capital into businesses where it has stronger competitive advantages.
According to Shell, the company is prioritizing investments in asset-backed power trading, expanding access to flexible power generation capacity, and developing customer-focused energy solutions, while maintaining strict capital allocation and return targets.
The divestment reflects Shell’s effort to reshape its renewable energy portfolio by focusing on businesses that complement its integrated power trading operations rather than retaining a broad portfolio of onshore renewable generation assets.
For TotalEnergies, the acquisition expands its renewable energy footprint across key European markets, adding both operational projects and a development pipeline that supports its long-term clean energy growth strategy.
