TotalEnergies acquires Shell European renewables business
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TotalEnergies expands its clean energy portfolio by acquiring Shell's European onshore renewables business and selling a stake in another portfolio to KKR for €1.8 billion. These moves complement its recent FID for the Cyprus Cronos gas project, supporting its dual strategy of LNG growth and renewable expansion despite recent earnings misses. *this image is generated using AI for illustrative purposes only. TotalEnergies SE has agreed to acquire Shell PLC's entire onshore renewables business in Europe, significantly expanding its clean energy footprint while simultaneously selling a 50% stake in a separate renewable portfolio to KKR & Co. Inc. for €1.8 billion. The Shell deal includes 500 MW of operating and under-construction solar and wind assets, primarily in Italy and the Netherlands, along with a 3.5 GW pipeline of projects across Italy, the U.K., and Spain. This strategic move boosts TotalEnergies' installed or under-construction renewables capacity to nearly 10 GW and its development pipeline to 27 GW in key markets. Financial terms for the Shell acquisition were not disclosed. The transaction with KKR involves a largely developed 1.2 GW renewable energy portfolio located in Germany, Spain, France, and Poland. TotalEnergies will retain 50% ownership and continue operating these assets after the deal closes in 2026. Stéphane Michel, President of Gas, Renewables & Power...
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