TotalEnergies Bolsters Global Renewable Portfolio with Key Acquisitions in Europe, Africa, and Canada

(IN BRIEF) TotalEnergies has completed a series of strategic acquisitions and agreements to expand its renewable energy portfolio across Europe, Africa, and Canada. In Europe, the acquisition of VSB Group—an established developer in wind and solar energy—strengthens its integrated electricity business in Germany by adding significant capacity and increasing the renewables pipeline to over 40 GW. In Africa, the acquisition of SN Power provides TotalEnergies with a substantial stake in the Bujagali hydropower plant in Uganda, as well as stakes in projects in Rwanda and Malawi, reinforcing its multi-energy strategy in the region. In Canada, TotalEnergies has finalized agreements with RES to acquire wind and solar projects in Alberta, along with the acquisition of Big Sky Solar, a 184 MW facility that operates under a long-term PPA and contributes to carbon credit sales. These moves support TotalEnergies’ ambitious targets of 35 GW of renewable capacity by 2025 and 100 TWh of electricity production by 2030, while also advancing the Company’s financial and operational goals in key markets.

(PRESS RELEASE) PARIS, 3-Apr-2025 — /EuropaWire/ — TotalEnergies has confirmed the successful closing of several key acquisitions and agreements that strengthen its renewable energy portfolio across Europe, Africa, and Canada. In Europe, the acquisition of VSB Group—a prominent wind and solar developer with a significant presence in Germany—has been completed. This deal bolsters TotalEnergies’ integrated electricity business in Germany by adding more than 500 MW of installed or under-construction capacity, while also expanding its pipeline to over 15 GW from VSB, bringing the overall European renewables pipeline to over 40 GW, in addition to the 7 GW already in operation or under construction. As part of its targeted strategy, TotalEnergies has also initiated the divestment process for the VSB-developed Puutionsaari project in Finland, which comprises 440 MW of wind and solar power.

In Africa, TotalEnergies has finalized the acquisition of SN Power, a developer of hydropower projects primarily in Uganda. This transaction gives the Company a 28.3% stake in the Bujagali hydropower plant—an asset that meets over 25% of Uganda’s peak electricity demand—and stakes in additional projects under development in Rwanda (206 MW) and Malawi (360 MW). The acquisition not only expands TotalEnergies’ renewable footprint in Africa but also enhances its expertise in hydropower development as part of its multi-energy strategy in the region.

In Canada, TotalEnergies has signed agreements with renewables developer RES to acquire wind and solar projects in Alberta with a combined capacity exceeding 800 MW. Additionally, the Company has closed the acquisition of Big Sky Solar, a 184 MW solar farm in Alberta that was commissioned at the end of February. Under a long-term power purchase agreement, more than two-thirds of Big Sky Solar’s output will be sold, while the remainder will be marketed on the electricity market, with TotalEnergies also benefiting from carbon credit sales under Alberta’s regulated emissions program.

Stéphane Michel, President, Gas, Renewables and Power at TotalEnergies, stated, “Completing these acquisitions across Europe, North America, and Africa is a major step towards our goal of reaching 35 GW of gross renewable capacity by 2025 and generating over 100 TWh of electricity by 2030. These transactions not only strengthen our operations in key markets like Germany and North America but also create synergies in regions such as Uganda, where they complement our exploration and production activities. Moreover, they will drive cash flow growth and help us achieve our 12% profitability target in the electricity segment.”

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As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. By the end of 2024, TotalEnergies’ gross renewable electricity generation installed capacity had reached 26 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

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SOURCE: TotalEnergies