TotalEnergies agrees to buy Shell's European onshore renewables business

Ben Geman

Illustration of hands shaking with lightning bolts around them — Illustration: Lazaro Gamio/Axios

TotalEnergies is buying Shell's entire European onshore renewables business, the companies said Monday morning.

Why it matters: It signals the differing strategies of the multinational energy giants, as Shell pares back owning renewable assets to focus on its core oil and gas business.

Driving the news: The deal provides TotalEnergies with another 500 megawatts of existing assets and a 3.5 gigawatt pipeline of solar, wind and battery storage projects in Italy, the U.K. and Spain.

State of play: TotalEnergies separately announced that KKR is acquiring a 50% stake in 1.2 GW of onshore solar and wind facilities in Germany, Spain, France and Poland.

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TotalEnergies agrees to buy Shell's European onshore renewables business

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