TotalEnergies expands European clean energy portfolio with Shell renewable deal

French energy company TotalEnergies has reached an agreement to acquire Shell’s onshore renewable energy business in Europe, a move aimed at expanding its presence in the region's growing clean energy market. The acquisition covers a portfolio with a combined generation capacity of about four gigawatts, including operational and under-construction wind and solar projects in Italy and the Netherlands. It also includes a pipeline of renewable energy and battery storage projects across Italy, the United Kingdom and Spain. The financial details of the transaction were not disclosed. Alongside the acquisition, TotalEnergies announced plans to sell a 50 per cent stake in a separate portfolio of renewable energy assets to US investment firm KKR. The assets, located in Germany, Spain, France and Poland, have an estimated value of €1.8 billion and represent around 1.2 gigawatts of electricity generation capacity. The company said the two transactions are part of its strategy to strengthen investment in renewable energy while improving the efficiency of its capital allocation. Stephane Michel, President of Gas, Renewables and Power at TotalEnergies, said the deals would support the company's long-term integrated power strategy by allowing it to expand its renewable energy footprint while partnering with investors on selected assets. With the latest acquisition, TotalEnergies said its renewable energy capacity in Europe will increase significantly. The company currently has nearly 10 gigawatts of renewable electricity capacity already in operation or under construction across the continent, with an additional 27 gigawatts of projects under development. The latest investment reflects the growing competition among major energy companies to expand their renewable energy portfolios as demand for cleaner sources of electricity continues to rise.

#UTVAfrica#