French energy giant TotalEnergies announced the expansion of its renewables portfolio through new acquisitions in Africa.
In a statement, the company revealed its purchase of 100% of SN Power, a subsidiary of Norwegian renewable energy company Scatec. SN Power, in collaboration with Norfund and British International Investment (BII), holds a 51% stake in various renewable hydropower projects across the continent.
Upon completing the deal, TotalEnergies will secure a 28.3% stake in Uganda’s operational Bujagali hydropower plant. With a capacity of 250 megawatts, the Bujagali plant supplies over 25% of Uganda’s peak electricity demand.
Additionally, TotalEnergies will acquire minority stakes in two developing projects in Rwanda and Malawi, with capacities of 260 megawatts and 360 megawatts, respectively.
Commenting on the acquisition, Patrick Pouyanne, chairman and CEO of TotalEnergies, stated that the deal aligns with the company’s commitment to Africa’s energy transition, aiming to provide electricity to millions through renewable hydropower projects.
“We are particularly delighted to become a player in hydropower in Uganda, a country where we are also developing a major oil project,” Pouyanne said, as reported by the Monitor.
Currently, TotalEnergies has interests in numerous hydropower projects worldwide, with a gross capacity of 3.7 gigawatts.
