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Big Oil’s Influx of Cash Opens Door to Clean-Energy Deals

  • Europe’s majors discuss turbo-charging net-zero plans with M&A
  • Potential targets include Iberdrola, Orsted and SSE Renewables
Photovoltaic panels at Iberdrola SA's Puertollano II solar plant in Puertollano, Spain.

Photovoltaic panels at Iberdrola SA's Puertollano II solar plant in Puertollano, Spain.

Photographer: Angel Garcia/Bloomberg
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Europe’s oil and gas giants, flush with cash from soaring prices, are considering whether to turbo-charge their transition to clean energy with multibillion-dollar acquisitions of major renewable energy producers.

Shell Plc, TotalEnergies SE and Equinor ASA are among the companies that have evaluated the suitability of European utilities for takeovers, according to people familiar with the matter. Potential targets include some of the region’s largest wind and solar producers such as Iberdrola SA, Orsted A/S and SSE Renewables Ltd.