Energy giant TotalEnergies has acquired 100% of SN Power, a subsidiary of Norwegian renewable energy firm Scatec ASA, which has interests in hydropower projects in Uganda, Rwanda, and Malawi.
- In Uganda, TotalEnergies will now own 28.3% of the Bujagali hydropower plant which has a capacity of producing 250MW and accounts for more than a quarter of the country’s peak demand.
- It’ll also own minority stakes in similar projects under development in Rwanda (260MW) and Malawi (360MW).
- On the continent, TotalEnergies already has a stake in a 1.5GW hydropower project in Mozambique.
“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,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
Construction of the Bujagali Power Station across the Victoria Nile begun in 2007, and it was completed in 2012. It is jointly owned by the Government of Uganda and several private investors, such as Jubilee Investment Company and the Aga Khan Fund for Economic Development. In 2018, SN Power acquired the stake held by Sithe Global Power in the project.
TotalEnergies intends to get to net zero in the next 25 years, and is aiming at reaching a gross renewable energy generation capacity of 35GW in 2025 from 22GW at the end of 2023.
SN Power, which was established in 2002 by Norfund. It became a joint venture between Scatec ASA, Norfund, and British International Investment (BII) in 2021 with the former holding a 51% stake that it has now offloaded to TotalEnergies.
The deal is set to be closed in the first half of 2025 after undergoing consent and approvals from stakeholders.
