As part of an effort to optimize capital allocation in renewables, French energy giant TotalEnergies has penned two significant transactions in Europe.
First, the company signed a sale and purchase agreement with Shell to acquire its entire Europe onshore renewables business, amounting to 4 gigawatts of renewables. TotalEnergies will take on roughly 500 megawatts of solar and wind assets in operation or under construction — mainly located in Italy and the Netherlands — as well as a 3.5-gigawatt pipeline of solar, wind and battery storage projects in Italy, the United Kingdom and Spain.
This deal complements TotalEnergies’ power-generation activities in these four key markets for the deployment of its Integrated Power strategy in Europe. The company’s European renewables-asset portfolio amounts to nearly 10 gigawatts of gross installed capacity or capacity under construction and 27 gigawatts under development.
Machteld de Haan, president, downstream, rene
