TotalEnergies has announced an agreement to acquire Shell's renewable energy generation assets in Europe. The deal involves approximately 4 GW of electricity generation capacity.
The portfolio includes approximately 500 MW of solar and wind farms in operation or under construction, mainly in Italy and the Netherlands, in addition to around 3,5 GW of solar, wind and battery storage projects under development in Italy, the United Kingdom and Spain.
The completion of the operation is expected by the end of this year, and the official value of the transaction has not been disclosed. With the acquisition of Shell's assets, TotalEnergies reported that it is strengthening its presence in the European renewable energy market.
Currently, the company has nearly 10 GW of installed or under-construction capacity in Europe, in addition to another 27 GW of projects under development. The operation highlights the distinct strategies of the two companies.
While TotalEnergies expands its operations in the renewable energy segment, Shell continues to restructure its portfolio to concentrate investments in oil and gas and in areas considered more profitable within its business.
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