From: Mercom India
TotalEnergies, a diversified multinational energy company, has signed agreements to acquire a 4 GW onshore renewables portfolio from Shell and sell a 50% stake in a separate 1.2 GW solar and wind portfolio to KKR, a global investment firm.
The acquisition covers Shell’s onshore renewable energy business in Europe. The portfolio includes 500 MW of solar and wind projects in operation or under construction, mainly in Italy and the Netherlands. It also includes a 3.5 GW development pipeline comprising solar, wind, and battery storage projects in Italy, the U.K., and Spain.
TotalEnergies will own the entire portfolio after the transaction closes. The company expects to complete the acquisition by the end of 2026, subject to approvals from the relevant authorities.
The company said its existing European renewable energy portfolio comprises nearly 10 GW of gross installed capacity or under construction and 27 GW under development.
In the separate transaction, TotalEnergies announced the sale of a 50% stake in a 1.2 GW portfolio of onshore solar and wind projects to an insurance account managed by KKR.
The portfolio has an enterprise value of €1.8 billion (~$2.07 billion) and includes assets in Germany, Spain, France, and Poland. Electricity generated by the assets has either been sold to third parties or will be marketed by TotalEnergies.
TotalEnergies will retain the remaining 50% stake and continue operating the assets after the transaction closes. The company expects to complete the sale in 2026, subject to customary closing conditions.
In 2026, TotalEnergies and Nextnorth, a Philippines-based renewable energy project developer, reached financial close and started construction of a 440 MWp solar power project in the Philippines. The project has an estimated cost of about $300 million.
According to Mercom’s 1H and Q2 2026 Solar Funding and M&A report, approximately 25.2 GW of solar projects were acquired in the first half of 2026, compared to 19.9 GW in the first half of 2025.
