– Europe: 500 MW installed or underway with over 15 GW of solar and wind projects in development
– Africa: 255 MW installed in Uganda with an additional 560 MW from hydropower projects
— Canada: 180 MW installed with over 600 MW of solar and wind projects underway
Paris — In accordance with the accords finalized in 2024, TotalEnergies has confirmed the completion of its purchases of VSB Group—a major European firm focused on developing wind and solar energy solutions, notably within Germany—and SN Power, an entity specializing in hydroelectric power development across Africa, specifically in Uganda. Additionally, TotalEnergies disclosed fresh arrangements with renewable-energy company RES aimed at procuring renewable projects located in Alberta, alongside concluding their initial project purchase.
Europe: TotalEnergies has closed the acquisition of VSB, and is strengthening its integrated electricity business, particularly in Germany
This agreement bolsters TotalEnergies' comprehensive electrical operations in Germany, covering roughly fifty percent of VSB's assets. It complements their recent purchases of Kyon Energy, a company specializing in battery storage development, and Quadra Energy, an energy management firm, along with the firm's existing investments in offshore wind projects within the nation.
VSB's extensive portfolio exceeding 15 GW will boost TotalEnergies' renewable energy capabilities in Europe, pushing their total capacity beyond 40 GW, on top of the existing 7 GW either operational or under development. Considering its focused approach towards specific major European markets, the company plans to initiate the sale process for the VSB-developed Puutionsaari project in Finland, which includes both wind and solar components totaling 440 MW.
In Africa, TotalEnergies has completed the purchase of SN Power and is now working towards executing its diversified energy strategy, with specific focus on operations 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.”