LA DEFENSE (dpa-AFX) - French energy major TotalEnergies SE (TTE.PA) on Monday announced two transactions in Europe as part of its Integrated Power strategy, agreeing to acquire Shell's 4 GW renewables business while selling a 50% stake in a 1.2 GW renewables portfolio to KKR.
The company signed an agreement to acquire Shell's entire onshore renewables portfolio in Europe, comprising 500 MW of solar and wind assets, mainly in Italy and the Netherlands, along with a 3.5 GW pipeline of solar, wind and battery storage projects in Italy, the UK and Spain.
Financial terms of the transaction, which is expected to close by the end of 2026, were not disclosed. Following the acquisition, the company's European renewables portfolio will comprise nearly 10 GW of gross installed or under-construction capacity and 27 GW under development.
Additionally, TotalEnergies agreed to sell a 50% stake in a 1.2 GW onshore solar and wind portfolio in in Germany, Spain, France and Poland to an insurance account managed by KKR for €1.8 billion. The transaction is expected to close in 2026.
'In line with our strategy, these two transactions enable us to optimize our capital allocation in renewables while continuing to deploy our Integrated Power strategy,' said Stéphane Michel, President, Gas, Renewables & Power at TotalEnergies. 'In addition, with this agreement with KKR, we demonstrate once again our ability to implement our business model in renewables in order for Integrated Power to reach a ROACE of 12% by 2030.'
In Paris, TotalEnergies shares were down nearly 2% at €75.25.
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