TotalEnergies has signed an agreement with Norwegian renewable energy firm Scatec to acquire 100% of its subsidiary SN Power. This subsidiary holds interests in renewable hydropower projects across Africa, achieved through a joint venture with Norfund and British International Investment (BII).
Details of the Acquisition
As part of this transaction, TotalEnergies will obtain a 28.3% stake in the Bujagali hydropower plant in Uganda. The Bujagali plant, with a capacity of 250 MW, supplies over 25% of Uganda’s peak electricity demand.
Additionally, TotalEnergies will acquire minority stakes in the following projects:
- Rwanda: 260 MW hydropower project currently under development.
- Malawi: 360 MW hydropower project also under development.
Statements from Leadership
Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed the company’s commitment to Africa’s energy transition. “This acquisition of renewable hydroelectric assets in Africa aligns with our goal to contribute to the continent’s energy transition. We are excited to be involved in Uganda’s hydropower sector, complementing our major oil project development in the country. This move exemplifies TotalEnergies’ multi-energy strategy to support energy transitions in oil-producing regions.”
Terje Pilskog, CEO of Scatec, highlighted the importance of the transaction. “We believe TotalEnergies will be a strong asset owner and will further develop these projects to support Africa’s energy transition. We thank our hydropower team, joint venture partners, host governments, and lenders for their support over the years.”
TotalEnergies’ Global Hydropower Interests
To date, TotalEnergies holds interests in a range of hydropower projects worldwide:
- Installed Capacity: 218 MW across France (19 MW), Portugal (33 MW), and Turkey (166 MW).
- Projects Under Development:
- Mozambique: Mphanda Nkuwa project with 1.5 GW capacity.
- India: 2 GW capacity through Adani Green partnership.
This acquisition underscores TotalEnergies’ strategic commitment to renewable energy and its expanding role in Africa’s energy landscape.
