The Euro Majors have rearranged their group structures in the last two years with new energy businesses in separate divisions. Should they go a step further and spin off part of the new business? The primary objective of an IPO or sale of a minority stake would be to access low-cost growth capital to accelerate expansion in renewables while also improving see-through valuation for the entire group. Capturing a ‘new energy’ valuation premium would be the ultimate prize. But the parent will also have to make trade-offs with an equity carve-out. We look at the pros and cons of this business model and how each company will tailor its solution based on areas of perceived competitive advantage, strategy and its view of the future.