Renewables: TotalEnergies Acquires a Portfolio of Hydropower Projects in Africa to Deploy its Multi-Energy Strategy
30 July 2024 - 4:35PM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an
agreement with Scatec, a Norwegian renewable energy company, to
acquire 100% of its subsidiary SN Power, which holds interests in
renewable hydropower projects in Africa, through a joint venture
(51% SN Power) with Norfund and British International Investment
(BII).
As a result of this transaction, which is subject to certain
previous conditions, TotalEnergies will acquire a 28.3% stake in
the Bujagali hydropower plant currently in operation in Uganda.
With a capacity of 250 MW, it covers more than 25% of the country's
peak electricity demand.
TotalEnergies will also acquire minority stakes in two projects
under development 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 the people of African
countries. In particular, we are delighted to be able to become a
player in hydro power 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 them in their energy
transition,” said Patrick Pouyanné, Chairman 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 further develop the projects and contribute to the
energy transition in Africa. We would like to thank the entire
hydropower team for their hard work and dedication over the years,
you have made a significant impact. In addition, our gratitude goes
to our joint venture partners, host governments, and lenders for
the support since 2020,” said Terje Pilskog, CEO of
Scatec.
To date, TotalEnergies has interests in a number of hydropower
projects with a gross capacity of 3.7 GW worldwide:
- 218 MW installed in France (19 MW), Portugal (33 MW) and Turkey
(166 MW)
- 1.5 GW under development in Mozambique (Mphanda Nkuwa
project)
- 2 GW under development by Adani Green in India
***
TotalEnergies and electricity As part of its ambition to
get to net zero by 2050, TotalEnergies is building a world class
cost-competitive portfolio combining renewables (solar, onshore and
offshore wind) and flexible assets (CCGT, storage) to deliver clean
firm power to its customers. At the end of 2023, TotalEnergies’
gross renewable electricity generation installed capacity was 22
GW. TotalEnergies will continue to expand this business to reach 35
GW in 2025 and more than 100 TWh of net electricity production by
2030.
About TotalEnergies TotalEnergies is a global integrated
energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries,
TotalEnergies places sustainability at the heart of its strategy,
its projects and its operations.
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TotalEnergies SE and the consolidated entities that are directly or
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“we”, “us” and “our” may also be used to refer to these entities or
to their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate legal entities. This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
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risk factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
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