French energy giant TotalEnergies announced on Monday that it has signed an agreement to acquire Shell’s European onshore renewable energy businesses for an undisclosed amount.
The acquisition includes around four gigawatts of electricity production, primarily from solar and wind power assets that are either operational or under construction in Italy and the Netherlands, Punch Newspapers reported.
It also covers a pipeline of solar, wind and battery storage projects across Italy, Britain and Spain.
Separately, TotalEnergies said it will sell a 50 percent stake in a portfolio of wind and solar assets located in Germany, Spain, France and Poland to U.S. investment firm KKR. The transaction values the portfolio at 1.8 billion euros ($2.1 billion).
The portfolio included in the sale represents around 1.2 gigawatts of electricity production.
“These two transactions enable us to optimise our capital allocation in renewables while continuing to deploy our Integrated Power strategy,” Stephane Michel, TotalEnergies’ president for gas, renewables and power, said in a statement.
According to the company, the acquisition of Shell’s renewable energy businesses will strengthen its renewable energy footprint in Europe, where it already has nearly 10 GW of production capacity either in operation or under construction, along with an additional 27 GW currently under development.