TOTALENERGIES SET TO PURCHASE SHELL’S EUROPEAN WIND AND SOLAR BUSINESS
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Agency Report
TotalEnergies to Acquire Shell’s European Renewable Energy Business
French energy company TotalEnergies has announced an agreement to acquire Shell’s onshore renewable energy business in Europe for an undisclosed sum.
The acquisition includes assets with about four gigawatts of electricity generation capacity, primarily from solar and wind projects that are operational or under construction in Italy and the Netherlands. It also covers solar, wind and battery storage projects across Italy, the United Kingdom and Spain.
At the same time, TotalEnergies disclosed plans to sell a 50 per cent stake in a portfolio of wind and solar assets in Germany, Spain, France and Poland to US investment firm KKR in a transaction valuing the portfolio at €1.8 billion ($2.1 billion).
The portfolio being sold has an electricity generation capacity of approximately 1.2 gigawatts.
Stephane Michel, President of Gas, Renewables and Power at TotalEnergies, said the two transactions would strengthen the company’s capital allocation strategy while supporting the expansion of its integrated power business.
The acquisition is expected to further expand TotalEnergies’ renewable energy footprint in Europe, where the company already has nearly 10 gigawatts of renewable capacity either in operation or under construction, with an additional 27 gigawatts currently under development.
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