TotalEnergies Acquires 4 GW Renewables from Shell and Sells 50% to KKR

TotalEnergies announced on August 3, 2026 two simultaneous transactions in Europe: the acquisition of Shell's onshore renewable energy business, a portfolio of 4 GW, and the sale of 50% of another 1.2 GW portfolio to infrastructure fund KKR for 1,800 million euros, Bloomberg reported.

The portfolio acquired from Shell includes 500 MW of solar and wind projects in operation or under construction, concentrated in Italy and the Netherlands, and a pipeline of 3.5 GW in Italy, the United Kingdom, and Spain, according to TotalEnergies' official press release. Closing is expected by end-2026, subject to regulatory approval. For Shell, the sale reflects its strategy of recycling capital toward priority areas, according to the same release. The relevance for Latin America lies in the capital pattern, not the geography: the assets are in Europe, but the structure replicates what infrastructure funds already apply in markets such as the United States, where private capital enters as a minority partner in operating assets and the developer recycles that capital to finance new capacity.

In the second transaction, KKR acquires 50% of a solar and wind portfolio of 1.2 GW in Germany, Spain, France, and Poland, with an enterprise value of 1,800 million euros, through an insurance account it manages. TotalEnergies retains the other 50% and will continue operating the assets. After both transactions, its European renewable portfolio totals approximately 10 GW installed or under construction and 27 GW in development, and globally exceeds 37 GW, according to the company. Stéphane Michel, President of Gas, Renewables, and Power, said the transactions optimize capital allocation in renewables; Vincent Policard of KKR described them as reflecting the fund's conviction in the role of infrastructure in the energy transition. The fund already purchased 50% of a 1.4 GW solar portfolio from TotalEnergies in North America in 2025, according to PV Tech.

Both transactions are expected to close in 2026, subject to regulatory conditions. The figure to watch is whether TotalEnergies replicates this capital recycling model, selling a minority stake after developing the project, across its Latin American portfolio, and how infrastructure funds continue absorbing operating renewables in the region.

This article was prepared with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.