TotalEnergies has signed an agreement with Norwegian renewable energy company Scatec, to acquire 100 per cent of its subsidiary SN Power.
This acquisition includes interests in renewable hydropower projects in Africa, held through a joint venture with Norfund and British International Investment (BII).
As a result of this transaction, TotalEnergies will secure a 28.3 per cent stake in the Bujagali hydropower plant in Uganda, which has a capacity of 250 MW and meets over 25 per cent of the country’s peak electricity demand.
Additionally, TotalEnergies will acquire minority stakes in two projects under development: a 206 MW project in Rwanda and a 360 MW project in Malawi.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed enthusiasm for the acquisition, stating: “This acquisition of renewable hydroelectric assets and projects in Africa reflects our desire to contribute to the continent’s energy transition by bringing electricity to the people of African countries.
“In particular, we are delighted to be able to become a player in hydropower in Uganda, a country where we are also developing a major oil project. This is another example of TotalEnergies’ ability to implement its multi-energy strategy in oil-producing countries to support them in their energy transition.”
Terje Pilskog, CEO of Scatec, also commented on the transaction, highlighting the strategic alignment with Scatec’s focus on core markets and renewable energy solutions.
“We are pleased to announce today’s transaction, as we believe TotalEnergies will be a strong asset owner going forward, with the ability to further develop the projects and contribute to the energy transition in Africa.
“We would like to thank the entire hydropower team for their hard work and dedication over the years. In addition, our gratitude goes to our joint venture partners, host governments, and lenders for the support since 2020.”
The transaction, which is subject to certain conditions and consents from stakeholders, including lenders and joint venture partners, is expected to close in the first half of 2025.
The financial details of the transaction will be disclosed upon its completion.
TotalEnergies has a robust portfolio of hydropower projects globally, with a gross capacity of 3.7 GW, including 218 MW installed in Europe and significant projects under development in Mozambique and India.
This acquisition is part of TotalEnergies’ broader strategy to expand its renewable energy capacity and support the global energy transition.