Shell sells European onshore renewable energy portfolio to TotalEnergies

British energy company Shell has signed an agreement to sell its entire onshore renewable energy portfolio in Europe to French major TotalEnergies. According to a statement released by Shell, the transaction encompasses all of its land-based solar and wind farm projects across the continent.

The deal reflects Shell's ongoing strategy to adjust its capital allocation by refocusing its core business priorities, while enabling TotalEnergies to expand its European green electricity assets. Neither company has disclosed the financial terms or a finalized completion timeline for the asset transfer.

Sources: NOS.