TotalEnergies has bought a set of hydropower projects in Africa from Norwegian company Scatec.
This deal includes buying 100% of SN Power, Scatec’s subsidiary that owns several hydropower projects on the continent.
Through this transaction, TotalEnergies will gain a 28.3% share in the Bujagali hydropower plant in Uganda.
This plant provides 250MW of power, covering over a quarter of Uganda’s peak electricity needs.
TotalEnergies will also take minority shares in two other projects being developed in Rwanda (260MW) and Malawi (360MW).
Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, said: “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 be able 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.”
