Shell has agreed to sell its onshore European renewables unit to TotalEnergies, covering assets across Italy, the Netherlands, Spain, and the UK. [1, 2] The transaction includes about 0.5 gigawatts (500 megawatts) of renewable generation capacity that is either operating or under development, plus a pipeline of future projects. [1, 2] The deal is expected to close by the end of 2026. [1, 2] The sale comes as Shell, under CEO Wael Sawan, shifts its focus away from low-carbon investments to prioritize liquefied natural gas trading and upstream oil and gas operations. [1, 2]

TotalEnergies recently sold a 50% stake in a 1.2-gigawatt European renewables portfolio to investment firm KKR, valuing that portfolio at €1.8 billion (US$2.1 billion). [1, 2]

Separately, BP has completed the sale of its Gelsenkirchen refinery in Germany to the investment firm Klesch Group. [3, 4] This refinery processes about 12 million metric tons of crude oil annually, equivalent to roughly 265,000 barrels per day. [3, 4] The sale is part of BP’s broader US$20 billion divestment plan aimed at cutting debt and improving returns. [3, 4] BP expects the deal to reduce its underlying operating expenditure by around US$1 billion. [3, 4]

After the sale, BP’s refining portfolio includes five refineries: Cherry Point and Whiting in the US, and Castellon, Lingen, and Rotterdam in Europe. [3, 4] BP has raised its structural cost reduction target to between US$6.5 billion and US$7.5 billion by 2027 following the transaction. [3, 4]

Richard Harding, BP’s interim executive vice-president of downstream, said, “This deal strengthens our balance sheet and simplifies our portfolio. By concentrating our capital on the assets and markets where BP can be most competitive, we are building a higher-value, more resilient downstream business that continues to supply the fuels and products our customers rely on.” [4] Patrick Wendeler, head of country for Germany at BP, added, "Gelsenkirchen plays an important role in supplying western Germany with fuels and petrochemicals. With its refining experience and established presence in Germany, Klesch is well placed to take Gelsenkirchen into its next chapter. BP will continue to support customers in Germany through its businesses, including Aral.” [4]

The Shell renewables sale is slated to complete by end of 2026. [1, 2]