French energy giant TotalEnergies announced on Tuesday a significant expansion of its renewable energy portfolio through a series of deals focused on Africa.
The company acquired 100% of SN Power, a subsidiary of Norwegian renewable energy firm Scatec, which holds a majority stake in several hydropower projects across the continent.
With this acquisition, TotalEnergies gains a 28.3% stake in Uganda’s Bujagali hydropower plant, a crucial asset providing over 25% of the country’s peak electricity demand.
Moreover, the company will invest in developing hydropower projects in Rwanda and Malawi, with a combined capacity of 620 megawatts.
Patrick Pouyanne, chairman and CEO of TotalEnergies, expressed enthusiasm about the deal, highlighting its alignment with the company’s commitment to Africa’s energy transition.
“Bringing electricity to millions through renewable hydropower projects is a core part of our strategy,” Pouyanne stated.
The acquisition of SN Power marks a strategic move for TotalEnergies as it diversifies its energy sources and strengthens its position in the growing African renewable energy market.
The company already operates hydropower plants in several countries, including France, Portugal, Türkiye, Mozambique, and India.
TotalEnergies’ investment in African hydropower is seen as a significant step towards addressing the continent’s energy challenges while contributing to global sustainability goals.
