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Energy giant TotalEnergies announced the expansion of its renewable portfolio with new deals in Africa, which included projects across Africa namely Uganda, Rwanda, and Malawi.
Energy giant TotalEnergies announced the expansion of its renewable portfolio with new deals in Africa, which included projects across Africa namely Uganda, Rwanda, and Malawi. The energy company bought 100% of SN Power, a subsidiary of Norwegian renewable energy company Scatec, the company said in a statement. SN Power, in partnership with Norfund and British International Investment (BII), holds a 51% stake in renewable hydropower projects across Africa. Upon completion of the deal, TotalEnergies will gain a 28.3% stake in Uganda’s operational Bujagali hydropower plant.
With a capacity of 250 megawatts, the Bujagali hydropower plant covers more than 25% of the country’s peak electricity demand. The company will also acquire minority stakes in two projects under development in Rwanda and Malawi, with a capacity of 260 megawatts and 360 megawatts, respectively. This acquisition aligns with the company’s commitment to Africa’s energy transition, aiming to bring electricity to millions through renewable hydropower projects.
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TotalEnergies is delighted to be able to become a player in hydropower in Uganda, a country where it is also developing a major oil project, stated Patrick Pouyanne, chairman and CEO of TotalEnergies. To date, TotalEnergies has interests in several hydropower projects with a gross capacity of 3.7 gigawatts worldwide.
