Shell Dumps European Renewables Business in Deal with TotalEnergies

Energy major Shell has agreed to sell its onshore European renewables business to TotalEnergies in a deal that values around 0.5 gigawatts of renewable power generation capacity at an undisclosed price.

The transaction, which is expected to be completed by the end of 2026, covers renewable energy assets in Italy, the Netherlands, Spain, and the UK.

Under Chief Executive Wael Sawan, Shell has been reorienting its portfolio towards businesses that generate higher returns, particularly liquefied natural gas (LNG) trading and upstream production. This move is part of a broader strategy to focus on higher-margin activities.