Strengthening Renewable Energy in Germany
This acquisition bolsters TotalEnergies’ integrated electricity business in Germany, where VSB’s operations account for half of its portfolio. The deal follows the company’s recent acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy, as well as its offshore wind investments in the country.
With VSB’s 15 GW pipeline, TotalEnergies’ renewables portfolio in Europe now exceeds 40 GW, complementing the 7 GW already in operation or under construction. As part of its strategic focus on key European markets, the company has initiated the divestment process for the 440 MW Puutionsaari wind and solar project in Finland, originally developed by VSB.
Expanding Hydropower Operations in Africa
The acquisition of SN Power aligns with TotalEnergies’ multi-energy strategy in Uganda, where the company is already engaged in oil and gas exploration and production. SN Power operates the Bujagali hydropower plant (225 MW), which supplies over 25% of Uganda’s peak electricity demand. Through this transaction, TotalEnergies has acquired a 28.3% stake in Bujagali, along with interests in two additional projects under development in Rwanda (206 MW) and Malawi (360 MW). The deal also brings a team of hydropower development experts into the company, enhancing its expertise in the sector.
Investing in Canadian Renewable Projects
TotalEnergies has signed agreements with RES to acquire wind and solar projects in Alberta, adding more than 800 MW to its portfolio. Additionally, the company has completed the acquisition of Big Sky Solar (184 MW), a facility that was commissioned in February 2024. Over 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 and associated carbon credits will be traded on Alberta’s electricity market.
Meeting Renewable Energy Targets
“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,” stated Stéphane Michel, President of Gas, Renewables, and Power at TotalEnergies. “They strengthen our operations in key markets like Germany and North America while enabling us to leverage synergies with our existing activities in Uganda. Furthermore, these investments support our goal of achieving a 12% profitability target in the electricity segment.”
Commitment to Net-Zero Goals
As part of its broader ambition to achieve net-zero emissions by 2050, TotalEnergies is developing a cost-competitive renewable energy portfolio. This includes solar, onshore and offshore wind, as well as flexible assets like combined cycle gas turbine (CCGT) plants and energy storage solutions to deliver reliable clean power. By the end of 2024, TotalEnergies’ gross renewable electricity generation capacity reached 26 GW, and the company remains on track to expand this figure to 35 GW by 2025 and achieve over 100 TWh of net electricity production by 2030.
With these strategic acquisitions, TotalEnergies continues to position itself as a major player in the global energy transition, reinforcing its commitment to sustainable and profitable renewable energy development.