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Zawya
16-04-2025
- Business
- Zawya
TotalEnergies expands renewables portfolio with Uganda, Rwanda deals
The lead investor in Uganda's oil sector, TotalEnergies announced that it has closed the acquisition of Norwegian energy firm SN Power, giving the French giant a 28.3 percent stake in the Bujagali hydroelectric plant, as well as interests in two projects under development in Rwanda and Malawi. The acquisition of SN Power will enable TotalEnergies to implement its multi-energy strategy in Uganda, where the company has been actively involved in oil and gas exploration and production in the Albertine region, along with downstream operations. Bujagali is a 250MW hydropower plant that currently provides about 25 percent of Uganda's peak electricity demand. In 2016, SN Power acquired a portion of the stake held by American firm Sithe Global Power Llc in the project. On February 28, Norwegian company Scatec – formerly majority owner of SN Power – completed the $167 million sale of its 51 percent interest in the Africa-focused hydropower developer to TotalEnergies. Norwegian Investment Fund for Developing Countries (Norfund) and British International Investment are minority shareholders in SN Power. This deal, along with two other acquisitions in Europe and North America, has been in progress since July of last year.'Following the agreements signed in 2024, TotalEnergies confirms the closing of its acquisitions of VSB Group, a European wind and solar developer with extensive operations in Germany, and SN Power, which develops hydropower in Africa, particularly Uganda,' the company announced on April 2. With the completion of this acquisition, TotalEnergies portfolio of SN Power hydroelectric plants in Africa is expected to reach a total of 816MW. This includes 250MW already installed at Bujagali, with an additional 206MW from Ruzizi III in Rwanda and 360MW from Mpatamanga in Malawi yet to come online. The company also announced new deals with renewables developer RES to acquire renewable projects in the Canadian province of Alberta, as well as the closing of its first project acquisition there. Already having a significant presence in Africa's energy sector, TotalEnergies signed a renewable energy deal with Rwanda in 2022, expanding its footprint to 14 countries on the continent, where the company is keen to deploy its multi-energy strategy, according to CEO Patrick Pouyanné. In December 2023, a consortium of the European Development Fund (EDF), TotalEnergies, and Sumitomo Corporation announced that it was selected as a strategic partner for the development of Mozambique's 1500MW Mphanda Nkuwa hydropower mega project. Company executives believe that investments in renewables will help TotalEnergies leverage synergies with its oil exploration and production activities, meet global clean energy and climate goals, and contribute to the company's 12 percent profitability target in the electricity segment.'The completion of these three acquisitions in Europe, North America and Africa will contribute to our targets of 35GW of gross renewable capacity by 2025 and over 100TWh of production by 2030,' said Stéphane Michel, president for gas, renewables and power at TotalEnergies. As of the end of 2024, the company's gross renewable electricity generation installed capacity had reached 26GW. Critics argue that while TotalEnergies, along with BP and Shell, led the industry into the transition to clean energy five years ago, the French giant has invested less in renewable energy projects in Africa compared to Europe and the US. While launching its upstream and midstream projects in Uganda in 2022, TotalEnergies also signed a memorandum of understanding with the country to produce liquefied petroleum gas and deploy large-scale renewable energy technologies to identify areas for commercial investment. The company plans to explore solar, wind, and geothermal projects to generate energy for the national grid by 2030. Last year, its executives informed the shareholders that two solar projects of 40MW each in Tororo and Iganga, in Uganda, are planned for construction by the end of 2025. They also indicated that the development of a 115MW solar power plant in Tanzania was in the pipeline, with construction planned before the end of this year, and an additional 100MW wind power plant in the country.'The total amount of investments planned in Uganda and Tanzania for the development and implementation of renewable energy projects in the next five years can thus reach up to $500 million,' officials told the company's shareholders in May 2024. This, they said, is to help address the growing demand for electricity to power industries, and rising calls for decarbonisation, making a case for investments in large renewable energy projects that can reach 500MW to 1GW of gross capacity installed in Uganda and Tanzania. In 2021, TotalEnergies executive Nicolas Terraz stated that the company was recruiting renewables explorers in all African countries where it operates, to identify projects and expand its footprint on the continent. © Copyright 2022 Nation Media Group. 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Yahoo
03-04-2025
- Business
- Yahoo
TotalEnergies boosts renewables portfolio with three acquisitions
French multinational integrated energy and petroleum company TotalEnergies has acquired three renewable energy portfolios across Europe, Africa and North America. In Europe, TotalEnergies has completed the purchase of VSB, enhancing its electricity business, especially in Germany. This acquisition adds more than 15GW to the company's renewable energy pipeline, boosting its total European capacity to above 40GW. The French company also has 7GW of capacity in operation or under construction. TotalEnergies has begun divesting the 440MW Puutionsaari hybrid wind and solar project in Finland, which was developed by VSB. On the African continent, TotalEnergies has finalised the acquisition of hydropower company SN Power. This deal is a strategic element in TotalEnergies' multi-energy strategy, with a particular focus on Uganda where the company already has a stake in exploration and production. The acquisition gives TotalEnergies a 28.3% share in the operational Bujagali hydro project and interests in new projects under development in Rwanda and Malawi. The SN Power acquisition also strengthens TotalEnergies' expertise in hydropower. The company now holds stakes in projects totalling 206MW in Rwanda and 360MW in Malawi, further expanding its renewable energy footprint in Africa. In North America, TotalEnergies has finalised the acquisition of a solar farm in Alberta, Canada, and signed agreements for further wind and solar projects in the region. The company has completed the purchase of the Big Sky Solar facility, which has a capacity of 184MW. The Big Sky Solar facility will sell more than two-thirds of its electricity through a long-term power purchase agreement. The remainder will be sold in the open market, and TotalEnergies will also monetise the carbon credits generated by the facility under Alberta's regulated carbon emissions scheme. TotalEnergies gas, renewables and power president Stéphane Michel stated: 'The completion of these three acquisitions in Europe, North America and Africa will contribute to our targets of 35GW of gross renewable capacity by 2025 and over 100TWh (terawatt hours) of electricity production by 2030. '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.' In March 2025, TotalEnergies unveiled its plan to invest €160m in six battery storage projects in Germany. "TotalEnergies boosts renewables portfolio with three acquisitions" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
02-04-2025
- Business
- Yahoo
Integrated Power: TotalEnergies Closes Three International Acquisitions of Renewable Portfolios
Europe: 500 MW installed or under construction and a pipeline of more than 15 GW of solar and wind projects Africa: 255 MW installed in Uganda and 560 MW of hydropower projects Canada: 180 MW installed and more than 600 MW of solar and wind projects PARIS, April 02, 2025--(BUSINESS WIRE)--Following the agreements signed in 2024, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) confirms the closing of its acquisitions of VSB Group, a European wind and solar developer with extensive operations in Germany, and SN Power, which develops hydropower in Africa, particularly Uganda. TotalEnergies is also announcing new deals with renewables developer RES, with a view to acquiring renewables projects in Alberta, and the closing of a first project acquisition. Europe: TotalEnergies has closed the acquisition of VSB, and is strengthening its integrated electricity business, particularly in Germany This deal strengthens TotalEnergies' integrated electricity business in Germany, which represents half of VSB's portfolio, adding to the recent acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy, as well as the Company's offshore wind positions in the country. VSB's more than 15 GW pipeline will also increase TotalEnergies' renewables pipeline in Europe to over 40 GW of capacity, in addition to the 7 GW already in operation or under construction. Given its targeted strategy for certain key European markets, the Company has decided to start the divestment process for the VSB-developed Puutionsaari project in Finland (440 MW wind and solar). Africa: TotalEnergies has closed the acquisition of SN Power and is pursuing the implementation of its multi-energy strategy, particularly in Uganda The acquisition of SN Power will allow TotalEnergies to implement its multi-energy strategy in Uganda, where the Company is already active in exploration and production. The Bujagali hydropower plant (225 MW), for example, meets more than 25% of the country's peak electricity demand. The transaction gives TotalEnergies a 28.3% stake in Bujagali, currently operating in Uganda, and a stake in two other projects under development in Rwanda (206 MW) and Malawi (360 MW). The deal also gives TotalEnergies a team of hydropower development experts, strengthening its competencies in this field. Canada: TotalEnergies has signed agreements to acquire certain wind and solar projects and closed the acquisition of a solar farm in Alberta The Company has signed agreements with RES to acquire certain wind and solar projects under development in Alberta, amounting to total capacity of more than 800 MW. TotalEnergies has also just closed the acquisition of Big Sky Solar (184 MW), a solar facility in Alberta that was commissioned at the end of February. More than two thirds of the electricity produced by Big Sky Solar will be sold under a long-term power purchase agreement (PPA). The remainder will be sold on the electricity market by TotalEnergies, which will also sell the carbon credits generated by the facility under Alberta's regulated carbon emissions program. "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." *** TotalEnergies and electricityAs 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. By the end of 2024, TotalEnergies' gross renewable electricity generation installed capacity had reached 26 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 TotalEnergiesTotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, 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. @TotalEnergies TotalEnergies TotalEnergies TotalEnergies Cautionary NoteThe terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "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 prove to be inaccurate in the future and are subject to a number of 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). View source version on Contacts TotalEnergies Media Relations: +33 (0)1 47 44 46 99 l presse@ l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@ Sign in to access your portfolio
Associated Press
02-04-2025
- Business
- Associated Press
Integrated Power: TotalEnergies Closes Three International Acquisitions of Renewable Portfolios
Following the agreements signed in 2024, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) confirms the closing of its acquisitions of VSB Group, a European wind and solar developer with extensive operations in Germany, and SN Power, which develops hydropower in Africa, particularly Uganda. TotalEnergies is also announcing new deals with renewables developer RES, with a view to acquiring renewables projects in Alberta, and the closing of a first project acquisition. Europe: TotalEnergies has closed the acquisition of VSB, and is strengthening its integrated electricity business, particularly in Germany This deal strengthens TotalEnergies' integrated electricity business in Germany, which represents half of VSB's portfolio, adding to the recent acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy, as well as the Company's offshore wind positions in the country. VSB's more than 15 GW pipeline will also increase TotalEnergies' renewables pipeline in Europe to over 40 GW of capacity, in addition to the 7 GW already in operation or under construction. Given its targeted strategy for certain key European markets, the Company has decided to start the divestment process for the VSB-developed Puutionsaari project in Finland (440 MW wind and solar). Africa: TotalEnergies has closed the acquisition of SN Power and is pursuing the implementation of its multi-energy strategy, particularly in Uganda The acquisition of SN Power will allow TotalEnergies to implement its multi-energy strategy in Uganda, where the Company is already active in exploration and production. The Bujagali hydropower plant (225 MW), for example, meets more than 25% of the country's peak electricity demand. The transaction gives TotalEnergies a 28.3% stake in Bujagali, currently operating in Uganda, and a stake in two other projects under development in Rwanda (206 MW) and Malawi (360 MW). The deal also gives TotalEnergies a team of hydropower development experts, strengthening its competencies in this field. Canada: TotalEnergies has signed agreements to acquire certain wind and solar projects and closed the acquisition of a solar farm in Alberta The Company has signed agreements with RES to acquire certain wind and solar projects under development in Alberta, amounting to total capacity of more than 800 MW. TotalEnergies has also just closed the acquisition of Big Sky Solar (184 MW), a solar facility in Alberta that was commissioned at the end of February. More than two thirds of the electricity produced by Big Sky Solar will be sold under a long-term power purchase agreement (PPA). The remainder will be sold on the electricity market by TotalEnergies, which will also sell the carbon credits generated by the facility under Alberta's regulated carbon emissions program. '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.' *** 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. By the end of 2024, TotalEnergies' gross renewable electricity generation installed capacity had reached 26 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, biogas and low-carbon hydrogen, 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. TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, 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. Cautionary Note The terms 'TotalEnergies', 'TotalEnergies company' or 'Company' in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words '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 prove to be inaccurate in the future and are subject to a number of 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). INDUSTRY KEYWORD: OTHER ENERGY UTILITIES ENVIRONMENT OIL/GAS SUSTAINABILITY ALTERNATIVE ENERGY ENERGY SOURCE: TotalEnergies SE Copyright Business Wire 2025. PUB: 04/02/2025 08:31 AM/DISC: 04/02/2025 08:32 AM
