TotalEnergies Acquires African Hydropower Portfolio to Boost Multi-Energy Strategy.
TotalEnergies has announced the acquisition of a portfolio of hydropower projects in Africa, marking a significant step in its multi-energy strategy aimed at supporting the continent’s energy transition. The agreement, signed with Norwegian renewable energy company Scatec, involves the acquisition of 100% of Scatec’s subsidiary SN Power, which holds interests in several renewable hydropower projects across Africa.
The transaction, subject to certain conditions, will see TotalEnergies acquire a 28.3% stake in the Bujagali hydropower plant in Uganda. This plant, with a capacity of 250 MW, meets more than 25% of Uganda’s peak electricity demand, making it a critical component of the country’s energy infrastructure.
In addition to the Ugandan project, TotalEnergies will acquire minority stakes in two other hydropower projects under development: a 206 MW project in Rwanda and a 360 MW project in Malawi. These acquisitions underscore TotalEnergies’ commitment to diversifying its energy portfolio and supporting sustainable energy solutions in Africa.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed his enthusiasm for the deal, stating, “This acquisition of renewable hydroelectric assets and projects in Africa reflects our desire to contribute to the continent’s energy transition by bringing electricity to the people of African countries. In particular, we are delighted to become a player in hydropower in Uganda, a country where we are also developing a major oil project.”
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Terje Pilskog, CEO of Scatec, also highlighted the significance of the transaction, noting, “We believe TotalEnergies will be a strong asset owner going forward, with the ability to further develop the projects and contribute to the energy transition in Africa.”
TotalEnergies’ involvement in hydropower is part of a broader strategy to build a world-class, cost-competitive portfolio of renewable and flexible energy assets. With interests in hydropower projects globally, including 218 MW installed in Europe and 1.5 GW under development in Mozambique, the company is on track to significantly expand its renewable electricity generation capacity. By 2030, TotalEnergies aims to achieve more than 100 TWh of net electricity production, reinforcing its commitment to a net-zero future.
