TotalEnergies has signed an agreement with Norwegian renewable energy firm Scatec to fully acquire SN Power, a subsidiary with investments in renewable hydropower projects across Africa.
This deal involves a joint venture with Norfund and British International Investment (BII), where TotalEnergies will gain a 28.3% stake in the operational Bujagali hydropower plant in Uganda, which has a 250 MW capacity and meets over 25% of the country’s peak electricity demand.
Additionally, TotalEnergies will obtain minority shares in two projects under development in Rwanda (260 MW) and Malawi (360 MW).
“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 hydro power 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,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“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, you have made a significant impact. In addition, our gratitude goes to our joint venture partners, host governments, and lenders for the support since 2020,” said Terje Pilskog, CEO of Scatec.