TotalEnergies announces expansion of renewables portfolio with new investments in Africa
Date
7/30/2024 9:38:35 AM
(MENAFN) French energy giant TotalEnergies announced on Tuesday that it is significantly expanding its renewables portfolio with new investments in Africa. The company has acquired 100 percent of SN Power, a subsidiary of the Norwegian renewable energy firm Scatec. SN Power, which is a joint venture with Norfund and British International Investment (BII), holds a controlling 51 percent stake in several renewable hydropower projects across the continent.
As part of this acquisition, TotalEnergies will obtain a 28.3 percent stake in the Bujagali hydropower plant in Uganda. This operational facility has a capacity of 250 megawatts, supplying more than 25 percent of the country's peak electricity demand. Additionally, TotalEnergies will secure minority stakes in two other hydropower projects that are currently under development: one in Rwanda with a capacity of 260 megawatts and another in Malawi with a capacity of 360 megawatts.
Patrick Pouyanne, Chairman and CEO of TotalEnergies, emphasized that this acquisition is a key part of the company’s strategy to support Africa's energy transition. Pouyanne highlighted the company’s commitment to increasing access to electricity through renewable hydropower projects. He expressed particular enthusiasm about TotalEnergies' new role in Uganda, a country where the company is also involved in a major oil project.
Currently, TotalEnergies has investments in various hydropower projects worldwide, totaling a gross capacity of 3.7 gigawatts. These projects are located in countries including France, Portugal, Türkiye, Mozambique, and India.
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