TotalEnergies acquires Shell's renewables business in Europe and opens its capital to KKR

TotalEnergies is accelerating its expansion in European renewable energy with two simultaneous acquisitions. The French group will acquire all of Shell's onshore operations on the continent, while simultaneously selling half of its existing portfolio to KKR. This strategy allows TotalEnergies to increase its production capacity without bearing the sole financial burden of all its assets.

The acquisition with Shell includes 500 megawatts of solar and wind capacity already in operation or under construction, primarily in Italy and the Netherlands. TotalEnergies will also acquire a portfolio of projects representing 3,5 gigawatts in solar, onshore wind, and battery storage.

These future facilities are located in Italy, the United Kingdom, and Spain. The French group will own all of the acquired activities once the transaction is finalized. The operation is expected to strengthen its electricity production and marketing capabilities in four markets considered priorities for its European strategy.

KKR invests in a portfolio valued at 1,8 billion euros

At the same time, TotalEnergies will sell a 50% stake in a portfolio of renewable energy plants representing a total capacity of 1,2 gigawatts to the American fund KKR. The portfolio, valued at €1,8 billion, comprises solar and onshore wind power installations located in Germany, Spain, France, and Poland.

The energy company will therefore retain half of these assets and a central role in their commercial development. Part of the electricity produced is already being sold to external customers, while future volumes will continue to be marketed by TotalEnergies. This arrangement allows it to recover capital while maintaining its exposure to the revenue generated by the facilities.

The respective amounts of the acquisition of Shell's operations and the stake sold to KKR were not disclosed. Both transactions are expected to be completed before the end of 2026, subject to regulatory approval. They illustrate TotalEnergies' preferred approach in renewables: acquiring new strategic projects and then sharing certain mature investments with financial partners.