French fuel giants, TotalEnergies have acquired a 28.3% stake in the Bujagali hydropower plant in Uganda.
The came after the company 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.
The Bujagali hydropower plant, currently in operation, has a capacity of 250 MW, covering over 25% of Uganda’s peak electricity demand.
The development has seen TotalEnergies’ increase its presence in Africa’s renewable energy sector and contribute to the continent’s energy transition.
The Bujagali hydropower plant’s reservoir has a storage capacity of approximately 55 million cubic meters, allowing for a stable and consistent power supply throughout the year.
TotalEnergies will also acquire minority stakes in two projects under development in Rwanda (260 MW) and Malawi (360 MW).
The acquisition is subject to certain conditions and is part of TotalEnergies’ ambition to reach net zero by 2050. The company is building a world-class portfolio of renewables and flexible assets to deliver clean firm power to its customers.
“We are delighted to become a player in hydro power in Uganda, a country where we are also developing a major oil project. This acquisition reflects our desire to contribute to the continent’s energy transition by bringing electricity to the people of African countries,” Patrick Pouyanné, Chairman and CEO of TotalEnergies, said.
According to TotalEnergies, their investment in the Bujagali hydropower plant demonstrates the company’s commitment to supporting Uganda’s energy transition and reducing its carbon footprint.
