Largest Oil Companies Investing in Renewable Energy Worldwide [2026]

Why Are Oil Majors Pouring Billions into Clean Power?

A decade ago, an oil major vowing to build 48 GW of wind and solar would have been dismissed. By the start of 2026, TotalEnergies has done exactly that — and it is not alone. The old hydrocarbon giants now operate 120 GW of renewables between them, a figure that rivals dedicated power producers. A further 200 GW sits in project pipelines, backed by more than €300 billion in commitments through 2030.

For institutional investors and asset managers, these energy groups offer a distinct value proposition: contracted, often inflation-linked cash flows from power purchase agreements (PPAs) that offset the volatility of crude and gas earnings. Yet evaluating an oil firm’s green credentials requires looking past headline capex figures. A common mistake is equating announced pipeline with guaranteed capacity. Many projects stall at the permitting or financing stage, particularly offshore wind farms in jurisdictions with complex consenting regimes. If a company’s ratio of pipeline to operational capacity exceeds 2.5, it signals aggressive growth ambition — but also higher execution risk. By contrast, firms with a pipeline-to-operational ratio near 1.0 tend to show stronger capacity delivery track records. This guide ranks the largest oil companies investing in renewable energy by actual, grid-connected assets, stripping away aspiration to reveal who is truly delivering.

---

How We Ranked the Biggest Oil Firms in Green Power

The ranking is anchored to total owned operational renewable energy capacity — measured in gigawatts (GW) — as of the first quarter of 2026. Data is drawn from public filings, official press releases, and project‑level databases maintained by national regulators and industry bodies.

Source interpretation: Public disclosures vary. Some entities report gross nameplate capacity, others report net equity share. To give a transparent, like‑for‑like comparison, we use gross‑owned figures wherever disclosed, and note where net‑equity adjustments have been applied. Only assets that have reached commercial operation are counted. Capacity under construction and announced pipeline are tracked separately, because a project that has reached financial close is not yet generating electrons — and may never reach completion. The inclusion threshold is a minimum of 1 GW of operational capacity. This methodology ensures the ranking reflects actual decarbonization progress, not PR announcements.

---

The 2026 League Table: Oil Majors by Operational Renewable Capacity

Below is a quick-reference summary of the top 10 oil companies investing in renewable energy assets, ranked by live GW. The detailed profiles that follow unpack each firm’s technology mix, landmark projects, and investment framework.

Rank	Company	Operational GW	Primary Technology	Committed CapEx (through 2030)
1	TotalEnergies SE	48.2 GW	Solar PV & Onshore Wind	€60 billion
2	bp plc	16.5 GW	Offshore Wind & Solar	€40 billion
3	Shell plc	13.8 GW	Onshore Wind & Solar	€25 billion
4	Equinor ASA	10.2 GW	Offshore Wind	€30 billion
5	Eni S.p.A.	9.6 GW	Solar PV & Onshore Wind	€20 billion
6	Repsol S.A.	7.4 GW	Onshore Wind & Solar	€12 billion
7	Chevron Corporation	5.9 GW	Utility Solar	€10 billion
8	ExxonMobil	3.8 GW	Behind‑the‑meter Solar	€17 billion*
9	ConocoPhillips	2.4 GW	Solar PV & Wind	€5 billion
10	OMV Group	1.8 GW	Solar PV	€5 billion

*ExxonMobil’s figure covers broader emission‑reduction investments, a portion of which funds dedicated renewable generation.

1. TotalEnergies SE

The French supermajor did not just change its name; it changed its balance sheet. TotalEnergies now sits on 48.2 GW of live clean power — enough to supply Portugal three times over. The portfolio splits into 22 GW of utility‑scale solar PV, 18 GW of onshore wind, and 8 GW of offshore wind, with 0.2 GW of battery energy storage (BESS) co‑located behind the meter to smooth intermittency. Crown jewels include the 2.8 GW Al Dhafra Solar PV plant in the UAE and Scotland’s 1.5 GW Seagreen offshore wind farm. A further 30 GW is under construction across the Iberian Peninsula, India, and the US, supported by a €60 billion commitment to low‑carbon electricity. The strategy leans heavily on locking in long‑term corporate PPAs and repowering early wind assets to maximise grid‑connected output.

2. bp plc

If you want to see bp’s renewable ambitions, look 30 miles off Long Island. The 3 GW Beacon Wind project is the kind of mega‑infrastructure that once belonged exclusively to the oil side of the ledger. The London‑headquartered group, tracing its roots to 1909, operates 16.5 GW of green capacity in early 2026. Offshore wind contributes 7 GW, utility‑scale solar 6 GW, onshore wind 2 GW, and BESS 1.5 GW. Beyond Beacon Wind, the 1 GW Lightsource bp solar pipeline in Australia underscores the portfolio’s geographic reach. bp has allocated €40 billion to its transition‑growth businesses through 2030, with an additional 15 GW in the pipeline. The company is repurposing brownfield refinery sites in Germany and the Netherlands for green hydrogen‑ready solar and storage hubs while moving into new PPA markets across Asia‑Pacific.

3. Shell plc

Shell’s €25 billion pledge to renewables and energy solutions by 2030 comes with 10 GW already being built. The London‑based major holds 13.8 GW of operational capacity, split between onshore wind (5 GW), offshore wind (4 GW), solar PV (4.5 GW), and 0.3 GW of utility‑scale BESS in the UK and Australia. Flagship developments include the 1.5 GW Hollandse Kust Noord offshore wind farm and the 800 MW MacIntyre onshore wind complex in Australia. Shell favours integrated power‑and‑trading models, coupling generation assets with its European and North American retail electricity businesses to lock in stable margins through direct PPAs.

4. Equinor ASA

Equinor, born from Norway’s offshore oil prowess as Statoil in 1972, now operates 10.2 GW of clean capacity — and offshore wind dominates the fleet at 8 GW. Partially operational by 2026, the 3.6 GW Dogger Bank complex in the UK stands as the world’s largest offshore wind farm, joined by the 2.1 GW Empire Wind lease area off New York. Onshore wind accounts for 1.5 GW, while solar PV and BESS add another 0.7 GW, much of it behind‑the‑meter at North Sea electrification projects. The company’s capital framework directs €30 billion to low‑carbon power by 2030, with 12 GW in the pipeline. Leveraging deep‑water expertise, Equinor is also pioneering floating offshore wind technology at the 88 MW Hywind Tampen facility.

5. Eni S.p.A.

Rome‑based Eni, founded in 1953, holds 9.6 GW of operational renewable energy capacity. Solar PV leads with 4.8 GW, followed by 3.2 GW of onshore wind and 1.6 GW of offshore wind. The 1 GW Plenitude solar and storage cluster in Italy and the 800 MW Hywind‑connected projects adjacent to Dogger Bank anchor the portfolio. Eni has committed €20 billion to its renewables and retail business through 2030, with 8 GW under construction. The company’s distinctive “satellite model” spins out sustainable energy assets into separately branded entities like Plenitude, retaining minority stakes while attracting institutional co‑investment to fund further expansion.

6. Repsol S.A.

Repsol’s renewable push spans 7.4 GW of operational capacity. Onshore wind — 3.5 GW of it — concentrates in Spain and Texas, while 2.8 GW of solar PV stretches across the Iberian Peninsula and Chile. Offshore wind adds 1.1 GW, including the 450 MW WindFloat Atlantic floating project. Repsol has committed €12 billion to low‑carbon generation by 2030, with 5 GW under construction. The firm actively repowers older wind farms with larger, more efficient turbines, boosting output per site by up to 25%. Its integration of green generation with industrial hydrogen production at the Bilbao refinery exemplifies brownfield re‑utilisation.

7. Chevron Corporation

Chevron, headquartered in San Ramon, California, and established in 1879, operates 5.9 GW of green capacity. Utility‑scale solar PV leads at 3.5 GW, onshore wind accounts for 1.8 GW, and BESS a further 0.6 GW — spread across the United States, Australia, and Kazakhstan. Notable projects include the 500 MW Permian Solar farm in Texas and the 400 MW Wheatstone solar‑battery hybrid in Western Australia. Chevron has earmarked €10 billion for lower‑carbon capital through 2028, with 4 GW in the pipeline. The group prioritises behind‑the‑meter renewables to decarbonise its own upstream operations, often pairing generation with long‑term corporate PPAs for LNG and refining facilities.

8. ExxonMobil

ExxonMobil’s approach is distinct: 3.8 GW of capacity, almost entirely behind‑the‑meter to power its Gulf Coast chemical plants. The portfolio, weighted toward solar PV (2.2 GW) and onshore wind (1.3 GW) with 0.3 GW of BESS, includes the 500 MW Baytown Solar project in Texas and the 300 MW Pecos Wind complex in New Mexico. Formed from the 1999 merger of Exxon and Mobil and based near Houston, the company has committed €17 billion to emission‑reduction investments from 2022 through 2027, a portion of which funds dedicated clean generation. ExxonMobil’s preference is to sign long‑term PPAs that directly supply its industrial sites rather than feeding merchant power into the grid.

9. ConocoPhillips

Houston‑based ConocoPhillips, tracing its roots to 1875, operates 2.4 GW of green capacity, co‑located with its oil and gas assets to cut Scope 2 emissions. Solar PV provides 1.2 GW, onshore wind 0.9 GW, and BESS 0.3 GW, concentrated in the US Permian Basin, Australia’s Queensland, and Norway. Representative projects include the 350 MW Surmont Solar facility in Canada and the 200 MW Darwin battery in Australia. ConocoPhillips has allocated €5 billion to energy transition initiatives through 2030, with 1.5 GW under construction. The strategy seeks favourable PPA terms with local utilities by pairing generation directly with existing production sites.

10. OMV Group

OMV taps its old refinery sites — brownfield land already wired into the grid — for solar arrays, amassing 1.8 GW of operational capacity at the start of 2026. The Vienna‑headquartered group, founded in 1956, holds a portfolio concentrated in Central and Eastern Europe: 1 GW of solar PV, 0.7 GW of onshore wind, and 0.1 GW of BESS. Key projects include the 400 MW Parete Solar PV plant in Italy and the 250 MW Timișoara Wind Park in Romania. OMV has committed €5 billion to renewable energy and circular economy projects by 2030, with 2 GW in the pipeline. The company sells power under long‑term utility PPAs, skipping the headache of greenfield permitting.

---

How Do Renewable Strategies Differ Across Asset Classes and Regions?

A look past the individual numbers reveals a clear pattern: offshore wind dominates the combined fleet of these energy majors, claiming 42.1% of the operational total. Solar PV follows at 38.9%, onshore wind at 17.9%, and battery storage — still a rounding error at 1.9% — is the fastest‑growing segment as firms seek to capture ancillary revenue streams and manage intermittency.

Asset Class	Combined Operational GW (Top 10)	Share
Offshore Wind	34.8 GW	42.1%
Solar PV	32.2 GW	38.9%
Onshore Wind	14.8 GW	17.9%
BESS	1.6 GW	1.9%

Geographic concentration mirrors legacy oil and gas strongholds. The North Sea basin (UK, Norway, Netherlands) hosts nearly 30% of installed offshore wind, while the Iberian Peninsula and Texas anchor solar PV expansion. Asia‑Pacific, particularly Australia, has emerged as a key testing ground for hybrid solar‑storage projects that capture both generation revenues and frequency regulation payments.

Expert nuance: European oil companies generally pursue diversified, utility‑scale portfolios combining generation with retail electricity sales, while US‑headquartered firms lean toward behind‑the‑meter assets that directly decarbonise their own operations. This distinction affects financial returns: integrated power‑and‑retail models tend to command higher valuation multiples, whereas captive generation relies more on long‑term corporate PPAs to secure cost savings rather than direct market revenues. For investors, the choice boils down to growth‑oriented clean power providers (TotalEnergies, bp, Shell) versus capital‑disciplined industrial decarbonisers (ExxonMobil, Chevron, ConocoPhillips).

A practical decision rule: if your portfolio seeks pure clean energy exposure with upside from power trading, lean toward the European majors. If you prefer fossil fuel companies that use renewables to improve the carbon intensity of their core operations, the US players offer a clearer alignment. Always check the proportion of capacity that relies on merchant pricing vs. contracted offtake — unhedged generation increases earnings risk.

---

Frequently Asked Questions

Which oil companies are the largest investors in renewable energy capacity?
TotalEnergies is the dominant player, with 48.2 GW of operational assets. bp (16.5 GW) and Shell (13.8 GW) round out the top three, collectively accounting for more than 65% of the combined portfolio of the 10 oil firms analysed.

Context: These figures include only assets that have reached commercial operation. When including projects under construction, the order can shift; bp, for example, has a construction pipeline that will nearly double its live capacity if all projects progress on schedule.

Why are oil companies investing in renewable energy?
The shift is driven by net‑zero 2050 mandates, shareholder and regulatory pressure to cut carbon intensity, and falling levelized costs for wind and solar. Renewables also provide stable, contracted cash flows that diversify revenue away from volatile hydrocarbon prices.

In practice, renewable assets can serve as a natural hedge: a 15‑year PPA linked to inflation offers predictable margins that help oil firms balance their books during crude price downturns. Additionally, many governments now tie exploration licences or tax incentives to demonstrable progress on decarbonisation, making green investment a licence‑to‑operate issue.

Which companies are investing in clean energy besides oil majors?
Outside the oil sector, the biggest clean energy investors are integrated utilities like Iberdrola and NextEra Energy, institutional asset managers such as BlackRock and Macquarie, pension funds, and large technology firms securing 24/7 clean power through direct PPAs.

This directory focuses only on conventional oil and gas groups that have built substantial captive renewable fleets. NextEra, for instance, operates more than 50 GW of renewables — exceeding TotalEnergies — but it is not an oil company.

How much have oil majors committed to green power in 2026?
By the first quarter of 2026, the top 10 oil companies had deployed approximately €120 billion in cumulative capital expenditure on renewable energy, with annual spending accelerating from about €25 billion in 2024 to nearly €35 billion in 2026.

This acceleration reflects the financial close of mega‑offshore wind projects in the North Sea and the US Northeast, as well as record solar co‑location investments in Australia and the Middle East. The pace is expected to hold steady as firms move deeper into their 2030 transition plans.

---

Download our complete list of the 400 largest renewable energy developers worldwide.