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TotalEnergies has successfully completed its acquisitions of VSB Group, a major European wind and solar developer with a strong presence in Germany, and SN Power, a hydropower company focused on Africa, particularly Uganda. In addition, the company has signed new agreements with renewables developer RES to acquire wind and solar projects in Alberta, Canada, and has finalized its first project acquisition in the region. These strategic moves reinforce TotalEnergies’ commitment to expanding its renewable energy portfolio across key global markets. In Europe, the acquisition of VSB strengthens TotalEnergies’ integrated electricity business, particularly in Germany, which accounts for half of VSB’s portfolio. This deal adds to the company’s recent acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy, further consolidating its presence in Germany’s renewable energy sector. With VSB’s extensive development pipeline exceeding 15 GW, TotalEnergies’ renewables pipeline in Europe now surpasses 40 GW, in addition to the 7 GW already in operation or under construction. As part of its strategic focus on select European markets, the company has initiated the divestment process for the 440 MW Puutionsaari wind and solar project in Finland, which was developed by VSB. In Africa, TotalEnergies has completed the acquisition of SN Power, marking a significant step in implementing its multi-energy strategy in Uganda. The company already has an established presence in Uganda’s exploration and production sector, and this deal further strengthens its role in the country’s power generation landscape. The acquisition includes a 28.3% stake in the 225 MW Bujagali hydropower plant, which supplies over 25% of Uganda’s peak electricity demand. Additionally, TotalEnergies has secured stakes in two hydropower projects under development in Rwanda (206 MW) and Malawi (360 MW). The deal also provides TotalEnergies with an experienced hydropower development team, further enhancing its expertise in the sector. In Canada, TotalEnergies has signed agreements with RES to acquire wind and solar projects in Alberta with a combined capacity of more than 800 MW. The company has also finalized the acquisition of Big Sky Solar, a 184 MW solar facility in Alberta that began operations at the end of February. More than two-thirds of the electricity generated by Big Sky Solar will be sold through a long-term power purchase agreement, while the remaining power will be sold on the electricity market. TotalEnergies will also manage the sale of carbon credits generated by the facility under Alberta’s regulated carbon emissions program. Stéphane Michel, President, Gas, Renewables and Power at TotalEnergies, said in a statement, “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. 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.” These acquisitions and partnerships align with TotalEnergies’ broader strategy of expanding its renewable energy footprint and advancing its role as a key player in the global energy transition. |
