TotalEnergies is set to acquire stakes in hydroelectric assets across several African countries through the acquisition of Scatec's subsidiary, SN Power. SN Power holds interests in renewable hydropower projects in Africa through a joint venture (51% SN Power) with Norfund and British International Investment (BII).
Subject to certain conditions, this transaction will result in TotalEnergies acquiring a 28.3% stake in the 250MW Bujagali hydropower plant in Uganda. Additionally, TotalEnergies will obtain minority stakes in two projects under development in Rwanda (260MW) and Malawi (360MW).
TotalEnergies currently has interests in several hydropower projects worldwide, with a gross capacity of 3.7GW. This includes 218MW installed in France (19MW), Portugal (33MW), and Turkey (166MW), as well as 1.5GW under development in Mozambique (Mphanda Nkuwa project) and 2GW under development by Adani Green in India.
“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,” said TotalEnergies Chairman and Chief Executive Patrick Pouyanne. “In particular, we are delighted to be able to become a player in hydro power 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.”
Scatec Chief Executive Terje Pilskog added, “We are pleased to announce today's transaction, as 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. We would like to thank the entire hydropower team for their hard work and dedication over the years, you have made a significant impact. In addition, our gratitude goes to our joint venture partners, host governments, and lenders for the support since 2020.”
