Major energy company to sell European renewable business including UK assets

SHELL has agreed to sell its European onshore renewables business to TotalEnergies. The FTSE 100 energy giant said the deal will include assets in the UK, Italy, the Netherlands and Spain. Shell has recently scaled back its investment in low-carbon and renewable energy. It’s not clear if any jobs will be impacted by the move. Sign up for the Money newsletter Thank you! Machteld de Haan, president for downstream, renewables and energy solutions at Shell, said: “This agreement reflects Shell’s continued focus on actively managing and high-grading its power portfolio in line with the strategy set out at Capital Markets Day 2025. “We are recycling capital and prioritising areas where we have differentiated capabilities and can create the most value over time, including through asset-backed power trading and customer-focused energy solutions.” Stéphane Michel, president of gas, renewables and power at TotalEnergies, said: “The acquisition of Shell’s onshore renewables assets in Europe strengthens our power generation positions in selected key deregulated markets across Europe and supports the implementation of our integrated strategy across the electricity value chain.” It comes after BP last week made a bombshell decision to quit the North Sea, putting 1,100 jobs at risk. The energy giant operates five major production hubs which produced 117,000 barrels of oil equivalent per day in 2025. The move has been branded a “deadly serious wake up call” to Labour’s Net Zero crusade. Most read in Money Comment now