Shell has signed a Sale and Purchase Agreement (SPA) with TotalEnergies for the sale of its European onshore renewables portfolio.
The portfolio includes development-stage and operational assets across Italy, the Netherlands, Spain and the UK.
'This agreement reflects Shell’s continued focus on actively managing and high-grading its power portfolio in line with the strategy set out at Capital Markets Day 2025,' said Machteld de Haan, President, Downstream, Renewables and Energy Solutions at Shell. '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 solutions.'
The transaction is subject to regulatory approvals and is expected to complete by the end of 2026.
Background
- As outlined at Capital Markets Day 2025, Shell continues to actively manage and adjust its power portfolio to ensure capital is allocated where it can deliver the strongest long-term value.
- Shell is prioritising areas where it has differentiated capabilities in power, including asset-backed trading, increasing access to flexible generation capacity and customer focused energy solutions while remaining disciplined on capital allocation and returns.
- This transaction allows Shell to recycle capital and focus on areas aligned with its asset-backed trading strategy.
- The portfolio included in the transaction comprises ~0.5 GW of combined renewable generation capacity in operation and in development, as well as a pipeline of projects for future development.
Source: Shell
