None
EN
Shell sells wind and solar energy business to French rival Total in latest Net Zero retreat
['Angharad Carrick', 'Business News Editor']
Money Articles | Mail Online
Oil giant Shell has sold off its European wind and solar energy business to French rival TotalEnergies in its latest retreat from green energy.
The sale included assets across the UK, Italy, the Netherlands and Spain, which together accounted for around 0.5 gigawatts of renewable energy capacity, as well as a pipeline of future projects.
The price was not disclosed, but the sale is another pivot from green energy as the group proceeds with plans to double down on oil and gas production.
Under chief executive Wael Sawan, Shell has deprioritised low-carbon investments in favour of a more profitable fossil fuels business.
The sale of the European green energy business comes after it offloaded its India-based renewable unit, Sprng Energy, in June, four years after buying it for $1.6billion.