TotalEnergies Expands European Renewables with Shell Acquisition and KKR Partnership
Total acquires four gigawatts of electricity production from Shell and sells a stake in a German, Spanish, French, and Polish portfolio to KKR.
نظرة سريعة
TotalEnergies will acquire around four gigawatts of renewable energy production from Shell in Italy, the Netherlands, Britain, and Spain, and will sell a stake in a separate portfolio to US firm KKR.
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لماذا يهم
TotalEnergies is executing its Integrated Power strategy by optimizing capital allocation in renewables across Europe.
Total will acquire around four gigawatts of electricity production, mainly solar and wind power in operation or being built in Italy and the Netherlands, as well as solar, wind and battery storage projects in Italy, Britain and Spain.
The sale is worth several hundred million euros, a source close to the transaction told AFP.
At the same time, TotalEnergies said it would sell a 50 percent stake in a portfolio of wind and solar assets in Germany, Spain, France and Poland to the US investment firm KKR, in a deal that values the portfolio at €1.8 billion ($2.1bn).
The portfolio represents around 1.2 gigawatts of electricity production.
"These two transactions enable us to optimise our capital allocation in renewables while continuing to deploy our Integrated Power strategy," Total's president for gas, renewables and power, Stephane Michel, said in a statement.
The acquisition of Shell's operations will boost Total's renewable energy operations in Europe, where it said it has nearly 10 GW of production sites already built or underway, with a further 27 GW under development.
أسئلة مفتوحة
- What is the exact financial valuation of the Shell acquisition?
