on TOTALENERGIES (EPA:TTE)
TotalEnergies Acquires Hydropower Projects in Africa to Advance Multi-Energy Strategy
TotalEnergies has signed an agreement with Scatec, a Norwegian renewable energy company, to acquire 100% of its subsidiary SN Power. This acquisition includes interests in renewable hydropower projects in Africa through a joint venture with Norfund and British International Investment (BII).
As a result, TotalEnergies will obtain a 28.3% stake in Uganda's Bujagali hydropower plant, which has a 250 MW capacity and covers over 25% of Uganda's peak electricity demand. Additionally, the company will acquire minority stakes in projects under development in Rwanda (260 MW) and Malawi (360 MW).
Patrick Pouyanné, Chairman and CEO of TotalEnergies, emphasized the company's commitment to contributing to Africa's energy transition. Terje Pilskog, CEO of Scatec, expressed confidence in TotalEnergies' ability to advance these projects.
The transaction aligns with TotalEnergies' goal to achieve net zero by 2050 by expanding its renewable electricity generation portfolio.
R. H.
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