Energy supermajor TotalEnergies is set to acquire a 100% stake in SN Power, a subsidiary of renewable energy company Scatec.
Subject to conditions being received from stakeholders – including lenders and joint venture partners – the agreement will see TotalEnergies acquire a 28.3% stake in the 250 MW Bujagali hydropower plant in Uganda.
“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 the people of African countries,” TotalEnergies CEO Patrick Pouyanné said in a statement.
TotalEnergies will also gain minority stakes in the 360 MW Mpatamanga hydropower project in Malawi and the 260 MW Ruzizi III hydroelectric power station, which straddles the border between Rwanda, the Democratic Republic of the Congo and Berundi. Both projects are currently in the development stage.
“We believe TotalEnergies will be a strong asset owner going forward, with the ability to further develop the projects and contribute to the energy transition in Africa,” stated Scatec CEO Terje Pilskog.
SN Power operates hydropower projects across Africa as a joint venture between finance institutions Norfund and British International Investment, which hold a combined 49% stake in the company.
The acquisition is scheduled to close within the first half of 2025.
