French energy giant TotalEnergies announced on Tuesday the expansion of its renewables portfolio with new deals in Africa.
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.
Electricity demand
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.
Commenting on the deal, Patrick Pouyanne, chairman and CEO of TotalEnergies, said that this acquisition aligns with the company's commitment to Africa's energy transition, aiming to bring electricity to millions through renewable hydropower projects.
"In particular, we are delighted to be able to become a player in hydropower in Uganda, a country where we are also developing a major oil project," Pouyanne said.
To date, TotalEnergies has interests in a number of hydropower projects with a gross capacity of 3.7 gigawatts worldwide.
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