Shell has sold its onshore renewables division to TotalEnergies, including a 3.5 GW pipeline, marking a significant shift in the energy sector. The transaction includes solar and wind projects across Europe, as part of Shell’s strategy to refocus on fossil fuels. This move reflects a broader trend among energy giants to scale back on renewable investments.
The decision comes after Shell acknowledged the challenges of transitioning to green energy. According to activist shareholder group Follow This, the sale signals a retreat from green ambitions. Karel Kuipéri, a member of the group, noted that Shell no longer believes in its own green goals. The sale was confirmed by multiple sources, including industry reports and activist groups.
TotalEnergies has acquired the assets, which include a substantial pipeline of renewable projects. This acquisition strengthens TotalEnergies’ position in the European renewable energy market. The deal underscores the evolving landscape of the energy sector, where companies are reevaluating their strategies in light of market pressures and regulatory changes.
