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(Bloomberg) — TotalEnergies SE agreed a pair of renewable power deals, selling a 50% stake in a portfolio of assets valued at €1.8 billion ($2.1 billion) to an insurance account managed by KKR & Co. and also buying Shell Plc’s European onshore renewables assets.
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It’s the latest in a string of green power deals for KKR, with the private equity giant also investing in renewables assets in North America, the UK and South Korea earlier this year. For Total, the moves cement the French company as an outlier among Europe’s big oil majors as it continues to invest in green power generation, while peers Shell and BP Plc back away from the sector.
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The transaction with Shell involves 500 megawatts of solar and wind assets in operation or under construction, mainly in Italy and the Netherlands, as well as a 3.5-gigawatt pipeline of solar, wind and battery storage projects in Italy, the UK and Spain, Total said in a statement. The stake it’s selling to KKR pertains to an onshore solar and wind asset portfolio in Europe, from which electricity is already being sold to third parties or will be marketed by Total.
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The KKR deal is part of the French energy giant’s strategy of offloading stakes in renewable projects once they’re built to boost returns. With rivals Shell and BP Plc retreating from clean energy ambitions amid lackluster returns, Total is pushing ahead with its diversification strategy.
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The agreement with KKR underscores strong investor demand for onshore wind, solar and batteries as power needs rise and costs of the technologies fall.
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