Strategic Acquisition in Africa
TotalEnergies has signed an agreement with Scatec, a Norwegian renewable energy company, to acquire 100% of its subsidiary SN Power. This acquisition includes interests in renewable hydropower projects in Africa. Through a joint venture with Norfund and British International Investment (BII), TotalEnergies will gain a 28.3% stake in Uganda’s Bujagali hydropower plant, which has a capacity of 250 MW and covers over 25% of the country’s peak electricity demand.
Expanding Renewable Energy Portfolio
In addition to the Bujagali plant, TotalEnergies will acquire minority stakes in two projects under development: a 260 MW project in Rwanda and a 360 MW project in Malawi. These acquisitions reflect TotalEnergies’ commitment to supporting Africa’s energy transition by increasing electricity access through renewable sources. Patrick Pouyanné, Chairman and CEO of TotalEnergies, highlighted the company’s ability to implement its multi-energy strategy in oil-producing countries, aiding their transition to renewable energy.
Enhancing Energy Transition Efforts
Terje Pilskog, CEO of Scatec, expressed confidence in TotalEnergies’ capability to further develop these projects and contribute to Africa’s energy transition. He acknowledged the dedication of the hydropower team and the support from joint venture partners, host governments, and lenders since 2020.
TotalEnergies’ Global Renewable Energy Investments
TotalEnergies has interests in several hydropower projects worldwide, with a gross capacity of 3.7 GW. These include 218 MW installed in France, Portugal, and Turkey, 1.5 GW under development in Mozambique, and 2 GW under development in India through Adani Green. The company aims to reach net-zero emissions by 2050 by building a cost-competitive portfolio of renewables, including solar, onshore and offshore wind, and flexible assets like CCGT and energy storage.
Future Goals and Sustainability
At the end of 2023, TotalEnergies had a gross renewable electricity generation capacity of 22 GW. The company plans to expand this to 35 GW by 2025 and achieve over 100 TWh of net electricity production by 2030. TotalEnergies is dedicated to providing reliable, affordable, and sustainable energy, placing sustainability at the core of its strategy and operations.
With a global presence in about 120 countries and over 100,000 employees, TotalEnergies is a significant player in the energy market, committed to advancing green energy policies and developments.
Source：businesswire.com
