TotalEnergies has expanded its investments in Uganda’s energy sector by acquiring a 28.3% stake in the Bujagali hydropower plant. This move is part of the company’s broader strategy to enhance its renewable energy portfolio.
TotalEnergies, headquartered in France, is already active in Uganda through its Tilenga project. This project involves developing six oil fields and drilling around 400 wells at 31 locations in Hoima, western Uganda.
In a recent press release, TotalEnergies announced it has signed an agreement with Scatec, a Norwegian renewable energy company. The agreement involves acquiring 100% of Scatec’s subsidiary, SN Power, which holds interests in renewable hydropower projects across Africa. SN Power is part of a joint venture with Norfund and the British International Investment (BII).
The press release, dated July 30, 2024, stated that as part of this transaction, TotalEnergies will acquire a 28.3% stake in the Bujagali hydropower plant. This plant, with a capacity of 250 megawatts (MW), covers over 25% of Uganda’s peak electricity demand.
In addition to the Bujagali stake, TotalEnergies will also gain minority stakes in two other projects currently under development: one in Rwanda with a capacity of 260 MW and another in Malawi with a capacity of 360 MW.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, highlighted that this acquisition aligns with the company’s goal to support Africa’s energy transition by enhancing access to electricity. He emphasized that TotalEnergies is committed to a multi-energy strategy, integrating renewable energy projects with its oil operations to support the continent’s energy needs.
Pouyanné noted that TotalEnergies’ global hydropower portfolio includes projects with a gross capacity of 3.7 gigawatts (GW). This includes 218 MW of installed capacity in France, Portugal, and Turkey, and 1.5 GW under development in Mozambique. The company is also working on 2 GW of projects with Adani Green in India.
TotalEnergies aims to reach net zero emissions by 2050. To achieve this, the company plans to build a competitive portfolio of renewables and flexible assets, such as combined cycle gas turbines (CCGT) and energy storage solutions. By the end of 2023, TotalEnergies’ gross renewable electricity generation capacity was 22 GW, with a target to expand to 35 GW by 2025 and over 100 terawatt-hours (TWh) of net electricity production by 2030.
TotalEnergies is a global energy company with operations in around 120 countries. The company’s workforce of over 100,000 employees is dedicated to providing reliable, affordable, and sustainable energy solutions.
