French oil major TotalEnergies has acquired a 4GW European renewable energy portfolio from fellow oil major Shell, which includes 500MW of solar PV and wind assets currently in operation or under construction.
The operational and under-construction assets are in Italy and the Netherlands, while the remainder of the portfolio is in Italy, Spain and the UK. TotalEnergies expects the sale to be completed by the end of this year, after which it will be the sole owner of the assets.
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“In line with our strategy, these two transactions enable us to optimise our capital allocation in renewables while continuing to deploy our Integrated Power strategy,” said TotalEnergies president of gas, renewables and power Stéphane Michel.
However, Michel added that the projects acquired from Shell would serve in “complimenting the flexible generation capacity of the gas-fired power plants” belonging to Dutch company TTEP, which is a joint venture partially owned by TotalEnergies.
In 2024, Shell revised down a number of its energy transition targets—such as a plan to reach a 20% net reduction in carbon intensity by 2030, which was revised down to a 15-20% reduction—and both Shell and TotalEnergies’ deals suggest that they view renewable energy as a complimentary piece to their energy portfolios, rather than the cornerstone of a new energy mix that other figures would suggest is possible in Europe.
Data from thinktank Ember shows that, in 2025, solar PV and wind generation exceeded that of fossil fuels for the first time on record, and in June solar PV accounted for one-quarter of all electricity generation across the EU.
TotalEnergies sells stake in 1.2GW renewable energy project to KKR
TotalEnergies announced a separate agreement alongside the Shell deal today, which includes the selling of a 50% stake in a 1.2GW solar PV and wind portfolio to global investor KKR.
While the companies did not specify the projects that will change hands as part of the deal, they put the value of the deal at €1.8 billion (US$2.07 billion).
KKR described the portfolio as “already largely developed,” and added that the electricity generated by these assets is already being sold to third parties, or will be sold by TotalEnergies, suggesting that at least a portion of the portfolio is in commercial operation. TotalEnergies will retain a 50% stake in the assets and continue to operate them.
“This investment reflects our conviction in the long-term fundamentals supporting Europe’s renewable energy sector and the critical role infrastructure will continue to play in the energy transition,” said Vincent Policard, co-head of European infrastructure at KKR.
This is not the first time the two companies have signed such a deal; last year, KKR acquired a 50% stake in a 1.4GW solar portfolio in North America from TotalEnergies. KKR has become a major player in renewable energy acquisitions around the world, having acquired EDF’s renewable energy business in North America in a deal worth €4 billion earlier this summer.
