TotalEnergies acquires hydropower portfolio in Africa to implement its multi-energy strategy

PARIS, 30 July 2024–(BUSINESS WIRE)–Regulatory News:

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement with Norwegian renewable energy company Scatec to acquire 100% of its subsidiary SN Power, which has interests in renewable hydropower projects in Africa. The company will be established through a joint venture (51% of SN Power) with Norfund and British International Investment (BII).

The transaction, which is subject to certain conditions, will see TotalEnergies acquire a 28.3% stake in the Bujagali hydropower plant, which currently operates in Uganda. With a capacity of 250 MW, it supplies more than 25% of the country’s peak electricity demand.

TotalEnergies will also acquire minority stakes in two projects in Rwanda (260 MW) and Malawi (360 MW).

“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 African people. In particular, we are pleased to become a hydropower player 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 their energy transition,” he said. Patrick Pouyanné, Chairman of the Board and CEO of TotalEnergies.

“We are pleased to announce today’s transaction as we believe TotalEnergies will be a strong asset owner going forward, with the ability to continue to develop projects and contribute to Africa’s energy transition. We would like to thank the entire hydropower team for their hard work and dedication over the years, you have made a significant impact. We are also grateful to our joint venture partners, host governments and lenders for their support since 2020,” he said. Terje Pilskog, CEO of Scatec.

To date, TotalEnergies has interests in a number of hydropower projects with a total gross capacity of 3.7 GW worldwide:

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TotalEnergy and electricity
As part of its ambition to achieve net zero emissions by 2050, TotalEnergies is building a world-class, cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (combined cycle, storage) to deliver clean, consistent energy to its customers. TotalEnergies’ total installed renewable energy capacity at the end of 2023 was 22 GW. TotalEnergies will continue to grow this business to reach 35 GW in 2025 and over 100 TWh of net electricity production by 2030.

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TotalEnergies is a global integrated energy company that produces and sells energy: oil and biofuels, natural gas and green gases, renewable energy and electricity. Our more than 100,000 employees are committed to providing more people with energy that is more reliable, cheaper and more sustainable. Operating in approximately 120 countries, TotalEnergies puts sustainability at the heart of its strategy, projects and operations.

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