TotalEnergies completes SN Power acquisition

TotalEnergies has completed the acquisition of SN Power, collecting with it various hydropower assets in Africa, notably in Uganda

The portfolio includes a 28.3% stake in Uganda’s 225 MW Bujagali hydropower plant.

“The acquisition of SN Power will allow TotalEnergies to implement its multi-energy strategy in Uganda, where the company is already active in (oil and gas) exploration and production,” it said in a statement.

The Bujagali plant currently meets more than 25% of Uganda’s peak electricity demand.

The acquisition of SN Power also gives TotalEnergies a stake in two other projects under development in Rwanda (206 MW) and Malawi (360 MW).

SN Power was a 100% subsidiary of Scatec, a Norwegian renewable energy company, with interests in renewable hydropower projects in Africa through a joint venture (51% SN Power) alongside Norfund and British International Investment.

Through the deal, TotalEnergies also acquires a team of hydropower development experts, strengthening its competencies in the field.

At the time of the original SN Power announcement, in June 2024, TotalEnergies had interests in hydropower projects worldwide with a gross capacity of 3.7 GW, including  1.5 GW under development in Mozambique with the Mphanda Nkuwa scheme.

Separately, it also closed the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany, and announced new deals with renewables developer RES, with a view to acquiring renewables projects in Canada.

“The completion of these three acquisitions — in Europe, North America and Africa — will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030,” said Stéphane Michel, president, gas, renewables and power at TotalEnergies.

“These acquisitions strengthen our operations in markets where we are deploying our Integrated Power business, like Germany and in North America, and in countries, such as Uganda, where we can leverage synergies with our exploration and production activities.

“Furthermore, these acquisitions will contribute to cash flow growth and to our goal of reaching our 12% profitability target in the electricity segment.”