France-based TotalEnergies has agreed to buy the entirety of SN Power, a subsidiary that holds interests in African renewable hydropower assets for renewable energy company Scatec of Norway.
Once the deal is complete, TotalEnergies will own a 28.3% interest in the Bujagali hydropower plant in Uganda. This currently operates at a capacity of 250 MW and meets more than a quarter of the country’s peak demand for electricity.
The company will also gain minority interests in a 360 MW project under development in Malawi and a 260 MW one in Rwanda. TotalEnergies currently has some 3.7 GW of hydropower capacity through stakes in various hydropower projects around the world.
TotalEnergies’ CEO and Chairman, Patrick Pouyanné, said that the company wants to help the energy transition in Africa by supplying its people with electricity, and purchasing interests in hydroelectric projects and assets was a reflection of that. He added:
“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.”
TotalEnergies, which also makes the Total metalworking and coolant range, aims to become a net-zero business by 2050. To achieve this, it says it is building a leading portfolio of cost-competitive assets in areas like solar, hydro and wind power backed up by flexible assets like energy storage and combined cycle gas turbine plants.
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