The French energy behemoth TotalEnergies said on Monday that it has reached an agreement with Shell to purchase the company’s onshore renewable energy operations in Europe for an undisclosed sum.
In addition to solar, wind, and battery storage projects in Italy, Britain, and Spain, the agreement represents about four gigawatts of electricity generation, mostly from solar and wind power currently operating or being built in Italy and the Netherlands.
At the same time, TotalEnergies announced that it would sell the US investment firm KKR a 50% share in a portfolio of wind and solar assets in Germany, Spain, France, and Poland. The portfolio is valued at 1.8 billion euros ($2.1 billion).
Approximately 1.2 gigawatts of power are produced by the portfolio.
Stephane Michel, Total’s president for gas, renewables, and power, said in a statement, “These two transactions enable us to optimize our capital allocation in renewables while continuing to deploy our Integrated Power strategy.”
Total’s renewable energy activities in Europe, where it claims to have almost 10 GW of production capacity currently installed or under construction and another 27 GW under development, will be strengthened by the acquisition of Shell’s operations.
