Shell in TotalEnergies Euro onshore renewables sale

Shell has agreed to sell its European onshore renewables business to TotalEnergies.

The energy giant said the deal will include assets in the UK, Italy, the Netherlands and Spain.

The move is subject to regulatory approvals and expected to complete by the end of the year.

Under boss Wael Sawan, Shell has scaled back its investment in low-carbon and renewable energy.

TotalEnergies will take over a four-gigawatt renewables portfolio, including 500 megawatts of solar and wind assets in operation and under construction.

The portfolio includes a pipeline of solar, wind and battery storage projects in Italy, the UK and Spain.

Machteld de Haan, Shell president for downstream, renewables and energy solutions, said: “This agreement reflects our continued focus on actively managing and high-grading our power portfolio.

“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.”

Stephane Michel, president for gas, renewables and power at TotalEnergies, added: “It strengthens our power generation positions in selected key deregulated markets across Europe, and supports the implementation of our integrated strategy across the electricity value chain.”

Shell’s move comes just days after rival BP said it was putting its UK North Sea business up for sale after 60 years of production.

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