TotalEnergies has recently signed an agreement with Bujagali Energy Ltd to invest in key energy projects, focusing on renewable energy. The deal includes acquiring a 28.3 percent stake in the Bujagali hydropower plant, located in Jinja, Uganda, which plays a crucial role in meeting the country’s electricity demands with its 250 MW capacity.
In addition to this acquisition, TotalEnergies will also secure minority stakes in two other renewable energy projects currently under development: a 260 MW hydropower project in Rwanda and a 360 MW project in Malawi. This move reflects TotalEnergies’ commitment to contributing to Africa’s energy transition by increasing access to electricity across the continent.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, highlighted that this transaction is a testament to the company’s multi-energy strategy. It demonstrates TotalEnergies’ capability to support oil-producing countries in their transition to renewable energy and further develop energy projects in Africa.
TotalEnergies has a significant global presence in hydropower projects, with a gross capacity of 3.7 GW. This includes installations in Europe, ongoing developments in Mozambique, and projects in India. The company is also advancing renewable energy projects in Uganda and Tanzania, aimed at meeting the growing electricity demand in these countries.
In Uganda, TotalEnergies’ involvement in solar projects complements its recent investment in the Bujagali hydropower plant. The company is expanding its renewable energy footprint with plans for additional solar plants in Tororo and Iganga and significant wind and solar projects in Tanzania, valued at $500 million over the next five years.
This investment aligns with Uganda’s goals to lower electricity tariffs, which are currently among the highest in East Africa. Minister for Energy and Mineral Development Ruth Nankabirwa Ssentamu welcomed TotalEnergies’ commitment, noting that the company’s activities in both fossil fuels and renewables will support the country’s energy sector development.
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