TotalEnergies’ deal with Bujagali Energy Ltd involves the purchase of a 28.3 per cent stake in the hydropower plant located in Jinja, 80km east of Kampala, as reported by the East African.
The facility has a capacity of 250 MW, which manages to meet a major portion of Uganda’s electrical needs.
“This acquisition of renewable hydroelectric assets and projects in Africa reflects our desire to contribute to the continent’s energy transition by bringing electricity to the people of African countries,” TotalEnergies revealed on Tuesday.
The chairman and CEO of TotalEnergies, Patrick Pouyanné, noted that the deal demonstrates the oil major’s capacity to apply its multi-energy strategy in oil-producing countries to assist them with their energy transition.
“We believe that TotalEnergies will be a strong asset owner going forward, with the ability to further develop the projects and contribute to the energy transition in Africa,” he said.
The French oil giant is also looking to buy minority stakes in two projects under development in Rwanda (260 MW) and Malawi (360 MW).
TotalEnergies gross hydropower capacity across the globe via its numerous facilities stands at 3.7GW. These are 218 MW deployed in Europe, including 19 MW in France, 33 MW in Portugal, and 166 MW in Turkey; moreover, 1.5 GW is being developed in Mozambique as part of the Phanda Nkuwa project; and 2 GW is being developed in India by Adani Green.
Additionally, with the goal to meet Tanzania’s and Uganda’s rising yearly demand for electricity of over 5%, the French oil company has initiated renewable energy projects. They plan to install between 500 MW and 1 GW of gross capacity.
