French energy giant TotalEnergies announced a significant expansion of its renewable energy portfolio in Africa on Tuesday, acquiring 100% of SN Power from Norwegian renewable energy company Scatec.
SN Power, a joint venture with Norfund and British International Investment (BII), holds a majority stake in several hydropower projects across the continent. With this acquisition, TotalEnergies will gain a substantial foothold in the African renewable energy market.
A key asset in the deal is a 28.3% stake in Uganda’s operational Bujagali hydropower plant. This facility, with a capacity of 250 megawatts, currently supplies over a quarter of the country’s peak electricity demand.
In addition to Uganda, TotalEnergies will also invest in developing hydropower projects in Rwanda and Malawi, with a combined capacity of 620 megawatts. These new ventures underscore the company’s commitment to supporting Africa’s energy transition and bringing electricity to millions of people.
TotalEnergies Chairman and CEO Patrick Pouyanne expressed enthusiasm about the deal, highlighting its alignment with the company’s strategy. “This acquisition strengthens our position in hydropower and reinforces our commitment to Africa’s energy future,” Pouyanne said. “We are particularly excited to contribute to Uganda’s energy development, where we are also involved in a major oil project.”
With this acquisition, TotalEnergies expands its global hydropower portfolio to 3.7 gigawatts across multiple countries, including France, Portugal, Turkey, Mozambique, and India.