TotalEnergies agreed to sell a 50% stake in its European onshore solar and wind assets to private-equity firm KKR for $2.08 billion, including debt. The portfolio, valued at 1.8 billion euros, spans 1.2 gigawatts across Germany, Spain, France, and Poland. The assets are largely developed. Separately, TotalEnergies acquired a 4 gigawatt renewables portfolio from Shell, focusing on solar, wind, and battery storage projects in Italy, the U.K., and Spain.

The KKR deal highlights TotalEnergies’ strategic shift toward renewable energy. By divesting a significant portion of its European assets, the company aims to streamline operations and focus on high-growth markets. The transaction underscores KKR’s growing interest in renewable infrastructure.

The Shell acquisition complements this strategy. The 4 gigawatt portfolio, primarily in Europe, aligns with TotalEnergies’ goal to expand its renewable capacity. Both deals reflect broader industry trends toward divesting traditional energy assets in favor of sustainable projects.