Shell sells its European onshore renewable energy operations to TotalEnergies

Shell is selling its European onshore renewable energy operations, such as wind and solar farms, to the French company TotalEnergies. This involves projects in the Netherlands, Italy, Spain, and the United Kingdom. The fossil fuel giant did not disclose the amount of money involved in the transaction.

Under CEO Wael Sawan, Shell has returned its focus to producing fossil fuels and is divesting from its attempts to generate sustainable energy. The Dutch oil and gas giant already announced last year that it would sell its stakes in two wind farms off the Scottish coast. The company also recently sold the Indian wind and solar energy producer Sprng Energy.

The company says it continues to “actively manage and adjust” its energy portfolio to ensure that capital is deployed where it can yield the strongest long-term value. Shell posted significantly higher profits last quarter thanks to the sharp rise in oil prices resulting from the war in the Middle East.

The activities Shell is divesting from account for 0.5 gigawatts of sustainably generated energy. A gigawatt can power approximately 1 million households. This concerns renewable energy projects that are already operational or still under development, as well as a series of future projects.

TotalEnergies, in turn, announced on Monday morning that the American investment firm KKR is acquiring a 50 percent stake in a separate portfolio of European onshore solar and wind energy projects from the French oil and gas group.