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| TotalEnergies |
Strengthening Renewable Energy in Europe, Africa, and Canada
TotalEnergies has completed three strategic acquisitions to enhance its renewable energy footprint worldwide. The company has finalized deals for VSB Group in Europe, SN Power in Africa, and multiple solar and wind projects in Canada. These acquisitions align with TotalEnergies’ commitment to expanding its electricity business and achieving 35 GW of renewable capacity by 2025.
Europe: Strengthening Germany’s Renewable Energy Market
The acquisition of VSB Group bolsters TotalEnergies’ renewable portfolio in Germany, a key market for its integrated electricity business. VSB contributes over 15 GW of wind and solar projects, increasing TotalEnergies’ European renewables pipeline to 40 GW. This move complements previous acquisitions, including battery storage developer Kyon Energy and energy manager Quadra Energy. Additionally, TotalEnergies has begun the divestment process for the Puutionsaari project in Finland, a 440 MW wind and solar development.
Africa: Advancing Multi-Energy Strategy in Uganda
TotalEnergies has also acquired SN Power to strengthen its hydropower capabilities in Africa, particularly Uganda. The company now holds a 28.3% stake in the 225 MW Bujagali hydropower plant, which supplies over 25% of Uganda’s peak electricity demand. TotalEnergies also gains stakes in hydropower projects under development in Rwanda (206 MW) and Malawi (360 MW), enhancing its expertise in hydroelectric energy.
Canada: Expanding Solar and Wind Investments
In North America, TotalEnergies has secured agreements with renewables developer RES to acquire wind and solar projects in Alberta, totaling over 800 MW. Additionally, the company completed the acquisition of Big Sky Solar (184 MW), a solar farm that began operations in February. More than two-thirds of its power will be sold under a long-term power purchase agreement (PPA), while TotalEnergies will manage carbon credit sales under Alberta’s regulated emissions program.
Aiming for 100 TWh Renewable Electricity Production by 2030
Stéphane Michel, President of Gas, Renewables, and Power at TotalEnergies, stated that these acquisitions support the company’s goal of reaching 100 TWh of electricity production by 2030. They also contribute to TotalEnergies’ profitability target of 12% in the electricity segment. By expanding its renewable energy presence in key markets, TotalEnergies continues to drive its Integrated Power business forward while ensuring long-term cash flow growth.
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