| Work Detail |
Following the agreements finalized in 2024, TotalEnergies announces the successful closure of its acquisitions of VSB Group, a leading European wind and solar developer with strong operations in Germany, and SN Power, a major hydropower developer in Africa, particularly in Uganda. The company also reveals new partnerships with renewables developer RES to acquire renewable energy projects in Alberta, alongside the completion of a first project acquisition. Europe: Strengthening Integrated Electricity Business, Particularly in Germany TotalEnergies has finalized its acquisition of VSB Group, significantly enhancing its integrated electricity business, particularly in Germany, where half of VSB’s portfolio is based. This acquisition builds on recent moves, including the purchase of battery storage developer Kyon Energy and energy management firm Quadra Energy, along with expanding the company’s offshore wind assets in the country. VSB’s impressive 15 GW pipeline adds to TotalEnergies’ renewables portfolio in Europe, bringing the total to over 40 GW of capacity, alongside the 7 GW already in operation or under construction. In line with its strategic focus on key European markets, TotalEnergies will begin the divestment process for the Puutionsaari project (440 MW wind and solar), which was developed by VSB in Finland. Africa: Advancing Multi-Energy Strategy, With a Focus on Uganda The acquisition of SN Power marks a key milestone for TotalEnergies as it advances its multi-energy strategy in Africa, particularly in Uganda. TotalEnergies has already been active in Uganda’s exploration and production sectors, with the Bujagali hydropower plant (225 MW) supplying over 25% of the country’s peak electricity demand. This acquisition grants TotalEnergies a 28.3% stake in Bujagali, as well as interests in two other hydropower projects under development in Rwanda (206 MW) and Malawi (360 MW). The deal also provides TotalEnergies with a dedicated team of hydropower development experts, enhancing its capabilities in the renewable energy field. Canada: Expanding Presence in Alberta with Wind and Solar Projects In Canada, TotalEnergies has entered into agreements with RES to acquire wind and solar projects under development in Alberta, totaling over 800 MW of capacity. Additionally, the company has successfully closed the acquisition of Big Sky Solar (184 MW), a solar facility in Alberta that began operations in February 2025. More than two-thirds of the electricity generated by Big Sky Solar will be sold under a long-term power purchase agreement (PPA), while the remaining output will be marketed through Alberta’s electricity market. TotalEnergies will also monetize the carbon credits generated by the facility through Alberta’s regulated carbon emissions program. These strategic acquisitions reinforce TotalEnergies’ commitment to expanding its renewable energy footprint and advancing its global energy transition objectives. “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.” |
