French energy giant TOTALEnergies has successfully completed the acquisition of SN Power, marking a significant milestone in the implementation of its multi-energy strategy, with a particular focus on Uganda. The transaction represents the culmination of an agreement signed in July 2024 between TOTALEnergies and Scatec, a Norwegian renewable energy company. Under this agreement, TOTALEnergies acquired 100% of Scatec’s subsidiary SN Power, which holds interests in renewable hydropower projects across Africa through a joint venture (51% SN Power) with Norfund and British International Investment (BII).
This strategic acquisition enables TOTALEnergies to strengthen its multi-energy approach in Uganda, where the company already maintains an active presence in exploration and production activities. The crown jewel of this acquisition is the Bujagali hydropower plant, which boasts a capacity of 225 MW and stands as Uganda’s largest power generation facility, meeting more than a quarter of the country’s peak electricity demand.
The completed transaction provides TOTALEnergies with a 28.3% stake in the operational Bujagali plant in Uganda, along with interests in two additional projects currently under development: one in Rwanda (206 MW) and another in Malawi (360 MW). Beyond these physical assets, the deal brings a team of experienced hydropower development experts into the TOTALEnergies fold, substantially enhancing the company’s competencies and capabilities in this specialized field.
Source: africaoilgasreport.com
