The company agreed to buy a 4 GW onshore portfolio from Shell and sell 50% of a 1.2 GW portfolio to KKR for an enterprise value of €1.8 billion.
TotalEnergies announced two European renewables transactions aimed at expanding its power footprint in selected deregulated markets while recycling capital through partial asset sales. The company signed an agreement with Shell to acquire its entire onshore renewables business in Europe, a 4 GW portfolio that includes 500 MW of solar and wind assets in operation or under construction and a 3.5 GW pipeline of solar, wind and battery storage projects. It also agreed to sell a 50% stake in a 1.2 GW onshore solar and wind portfolio to an insurance account managed by KKR for an enterprise value of €1.8 billion, while retaining operatorship and the remaining stake. TotalEnergies said the Shell assets are mainly located in Italy and the Netherlands, with the broader development pipeline spanning Italy, the United Kingdom and Spain. The KKR transaction covers assets in Germany, Spain, France and Poland, with power already sold to third parties or set to be marketed by TotalEnergies. The company said the moves support its Integrated Power strategy across Europe and its model of selling 50% stakes in renewable assets once developed. Stéphane Michel, President, Gas, Renewables & Power at TotalEnergies, said the transactions strengthen the group’s positions across key deregulated electricity markets and support a target for Integrated Power to reach a ROACE (return on average capital employed) of 12% by 2030.