TotalEnergies completes trio of renewable acquisitions in Europe, Africa and North America

Login

Register

http://www.clubofmozambique.com/

TotalEnergies completes trio of renewable acquisitions in Europe, Africa and North America

8:55 CAT | 03 Apr 2025

File photo: Reuters

TotalEnergies announced on Tuesday the completion of three renewable energy acquisitions in Europe, Africa and North America, including a new deal with renewables developer RES in Alberta, Canada.

The French energy company finalised the acquisition of European wind and solar developer VSB Group, adding 500 MW of installed or under construction capacity and a pipeline of more than 15 GW of solar and wind projects. Dresden-based VSB, which has significant operations in Germany, bolsters TotalEnergies’ integrated electricity business in the country. The EUR-1.57-billion deal for VSB was unveiled in December 2024.

Due to its focus on certain key European markets, TotalEnergies has decided to initiate the divestment of the VSB-developed 440-MW Puutionsaari wind and solar project in Finland.

In Africa, TotalEnergies has completed the acquisition of hydropower developer SN Power, which gives it stakes in the 225-MW Bujagali hydropower plant in Uganda and in two projects under development in Rwanda and Malawi, of 206 MW and 360 MW, respectively.

In addition, the French company has agreed to acquire over 800 MW of wind and solar projects under development in Alberta from RES. This includes a just completed purchase of the recently commissioned 184-MW Big Sky Solar plant, which will sell most of its electricity under a long-term power purchase agreement (PPA). The rest of the power will be sold on the electricity market by TotalEnergies, which will also market the carbon credits generated under Alberta’s regulated carbon emissions programme.

Stephane Michel, President, Gas, Renewables and Power at TotalEnergies, said the deals will contribute to the company’s targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030, as well as to its goal of reaching 12% profitability in the electricity segment.

“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,” Michel explained.

Source: Renewables Now