TotalEnergies has reached an agreement with Scatec ASA, a Norwegian renewable energy company, to acquire 100% of SN Power, Scatec’s subsidiary holding interests in African hydropower projects. The deal, subject to certain conditions, will see TotalEnergies take over a 51 percent stake in SN Power, which includes significant hydropower assets through a joint venture with Norfund and British International Investment (BII).
As part of the transaction, TotalEnergies will gain a 28.3 percent stake in the Bujagali hydropower plant in Uganda. The 250 MW facility is a key source of power in Uganda, meeting over 25 percent of the country’s peak electricity demand. Additionally, TotalEnergies will acquire minority stakes in two projects under development: a 260 MW project in Rwanda and a 360 MW project in Malawi.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, commented on the acquisition, “This investment in renewable hydroelectric assets reflects our commitment to supporting Africa’s energy transition by enhancing electricity access across the continent. We are particularly pleased to extend our involvement in Uganda, where we are also advancing a major oil project. This move highlights TotalEnergies’ capability to integrate our multi-energy strategy, supporting energy transitions in oil-producing regions.”
Terje Pilskog, CEO of Scatec, expressed confidence in the deal, stating, “We are pleased to announce this transaction, believing TotalEnergies will effectively steward these assets and further develop the projects, contributing positively to Africa’s energy transition. We extend our thanks to the hydropower team for their dedication and to our joint venture partners, host governments, and lenders for their support since 2020.”
TotalEnergies’ hydropower portfolio currently includes 218 MW of installed capacity in France, Portugal, and Turkey, with an additional 1.5 GW under development in Mozambique and 2 GW through a partnership with Adani Green in India. The company aims to significantly expand its renewable electricity capacity, targeting 35 GW by 2025 and over 100 TWh of net electricity production by 2030 as part of its goal to achieve net zero emissions by 2050.
The transaction is expected to close by mid-2025, pending approvals from stakeholders including lenders and joint venture partners. The final transaction price and accounting details will be disclosed upon completion.
