The massive French fuel company TotalEnergies has purchased a 28.3% share in Uganda’s Bujagali hydroelectric facility.
The acquisition of 100% of Scatec’s subsidiary SN Power, which has interests in renewable hydropower projects in Africa, through a joint venture (51% SN Power) with Norfund and British International Investment (BII) was the result of an agreement between the French fuel giants and Scatec, a Norwegian renewable energy company.
Under certain preconditions, this transaction will result in TotalEnergies acquiring a 28.3% ownership share in the Bujagali hydropower plant.
By providing electricity to the people of African nations, we hope to support the continent’s energy transformation. This is why we have acquired renewable hydroelectric assets and projects in Africa. Specifically, we are thrilled to be able to participate in Uganda’s hydropower market, as we are also working on a significant oil project there. Patrick Pouyanné, Chairman and CEO of TotalEnergies, stated, “This is another illustration of TotalEnergies’ ability to implement its multi-energy strategy in oil-producing countries to support them in their energy transition.”
The transaction was hailed by Scatec’s CEO, Terje Pilskog.
“We are happy to announce today’s transaction because we think TotalEnergies will be a strong asset owner in the future, able to advance the projects and support Africa’s energy transition.” We want to express our gratitude to the entire hydropower team for all of their efforts over the years; you have had a big influence. We also thank the host governments, lenders, and partners in our joint venture for their support since 2020,” he added.
Bujagali can supply more than 25% of Uganda’s peak electricity demand with its 250 MW of capacity.
