- Shell signed an agreement to sell its European onshore renewables portfolio to TotalEnergies, which includes 0.5 GW of operating and development capacity plus a project pipeline across Italy, the Netherlands, Spain, and the UK.
- The transaction is subject to regulatory approvals and is expected to close by the end of 2026.
- The sale highlights a broader trend among European oil majors, including Shell and BP, to roll back previous targets to reduce oil and gas production in favor of more profitable fossil fuel projects.
Quotes
“We are recycling capital and prioritising areas where we have differentiated capabilities and can create the most value over time, including through asset-backed power trading and customer-focused energy solution”