TotalEnergies to acquire 28.3% share in Bujagali Hydropower Plant

This acquisition includes a 28.3% stake in the Bujagali hydropower plant in Uganda, which is currently operational.

SN Power holds interests in renewable hydropower projects across Africa through a joint venture with Norfund and British International Investment (BII), with SN Power holding 51%.

The Bujagali hydropower plant has a capacity of 250 MW, supplying over 25% of Uganda's peak electricity demand.

Additionally, TotalEnergies will acquire minority stakes in two projects under development in Rwanda (260 MW) and Malawi (360 MW), as announced on the company's website on Tuesday, July 30.

“This acquisition of renewable hydroelectric assets and projects in Africa demonstrates our commitment to contributing to the continent's energy transition by providing electricity to its people," said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

"We are particularly pleased to become a key player in hydropower in Uganda, a country where we are also involved in a major oil project. This illustrates TotalEnergies' capability to execute its multi-energy strategy in oil-producing countries, supporting them in their energy transition.”

Said Terje Pilskog, CEO of Scatec: “We are delighted to announce this transaction, as we believe TotalEnergies will be a valuable asset owner, capable of further developing these projects and contributing to Africa's energy transition.

"We would like to express our gratitude to the entire hydropower team for their dedication over the years. We also thank our joint venture partners, host governments, and lenders for their support since 2020.”

TotalEnergies currently has interests in several hydropower projects worldwide, with a gross capacity of 3.7 GW.

This includes 218 MW installed in Europe (France, Portugal, and Turkey), 1.5 GW under development in Mozambique (Mphanda Nkuwa project), and 2 GW under development by Adani Green in India.