Shell has signed a Sale and Purchase Agreement (SPA) with TotalEnergies for the sale of its European onshore renewables portfolio.

The portfolio includes development-stage and operational assets across Italy, the Netherlands, Spain and the UK.

“This agreement reflects Shell’s continued focus on actively managing and high-grading its power portfolio in line with the strategy set out at Capital Markets Day 2025,” said Machteld de Haan, President, Downstream, Renewables and Energy Solutions at Shell. “We are recycling capital and prioritising areas where we have differentiated capabilities and can create the most value over time, including through asset-backed power trading and customer-focused energy solutions."

The transaction is subject to regulatory approvals and is expected to complete by the end of 2026.

Notes:

  - As outlined at Capital Markets Day 2025, Shell continues to actively manage and adjust its power portfolio to ensure capital is allocated where it can deliver the strongest long‑term value.
  - Shell is prioritising areas where it has differentiated capabilities in power, including asset-backed trading, increasing access to flexible generation capacity and customer focused energy solutions while remaining disciplined on capital allocation and returns.
  - This transaction allows Shell to recycle capital and focus on areas aligned with its asset-backed trading strategy.
  - The portfolio included in the transaction comprises ~0.5 GW of combined renewable generation capacity in operation and in development, as well as a pipeline of projects for future development.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.