- TotalEnergies is set to buy a 100 per cent stake in SN Power, a subsidiary of Norwegian renewable energy producer Scatec.
- TotalEnergies CEO and chairman Patrick Pouyanné also emphasised the company’s goal to contribute to Africa’s energy transition.
TotalEnergies is set to buy a 100 per cent stake in SN Power, a subsidiary of Norwegian renewable energy producer Scatec. Scatec operates hydropower projects across Africa.
The transaction, subject to certain previous conditions, will allow TotalEnergies to acquire a 28.3 per cent stake in the 250MW Bujagali hydropower plant in Uganda, which covers more than 25 per cent of the country’s peak electricity demand.
TotalEnergies will also gain minority stakes in two hydropower projects under development in Rwanda, with capacities of 260MW and 360MW, respectively.
The agreement is managed through a joint venture between private equity company Norfund and British International Investment, the British government’s development finance institution.
Scatec CEO Terje Pilskog stated: “We believe TotalEnergies will be a strong asset owner going forward, with the ability to develop the projects further and contribute to the energy transition in Africa.”
TotalEnergies CEO and chairman Patrick Pouyanné also emphasised the company’s goal to contribute to Africa’s energy transition, noting, “In particular, we are delighted to become a player in hydropower in Uganda, a country where we are also developing a major oil project. This is another example of TotalEnergies’ ability to implement its multi-energy strategy in oil-producing countries to support them in their energy transition.”
Power Technology’s parent company, GlobalData, reports that Uganda is one of several African countries that obtains at least 90 per cent of its electricity from hydropower.
According to GlobalData, hydropower will remain the dominant renewable technology in Africa until at least 2034, offering TotalEnergies a fruitful ground for expanding its investments and portfolio across the continent.
TotalEnergies has interests in a range of hydropower projects worldwide, with a gross global capacity of 3.7 GW.