Shell has entered into an agreement to sell a portfolio of European onshore renewable energy assets to TotalEnergies. The portfolio includes operational and development-stage projects across Italy, the Netherlands, Spain and the United Kingdom.
The assets represent approximately 0.5 gigawatts of combined renewable generation capacity in operation and development. The transaction also includes a pipeline of projects that could be developed in the future.
Shell said the sale supports its strategy of actively managing and upgrading its power portfolio while recycling capital into areas where it has differentiated capabilities and expects to create stronger long-term value.
The company is prioritizing asset-backed power trading, flexible electricity generation capacity and customer-focused energy products and services.
Shell outlined this approach at its 2025 Capital Markets Day, emphasizing disciplined capital allocation and returns across its power business.
The transaction remains subject to regulatory approvals and is expected to close by the end of 2026.
KEY QUOTES:
“This agreement reflects Shell’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.”
Machteld de Haan, President of Downstream, Renewables and Energy Solutions at Shell
