BAKU, Azerbaijan, April 2. TotalEnergies has completed the acquisitions of VSB Group, a European wind and solar developer, and SN Power, a hydropower company operating in Africa, Trend reports.
The company has also signed agreements with renewables developer RES for projects in Canada and closed the acquisition of a solar farm in Alberta.
In Europe, the acquisition of VSB strengthens TotalEnergies' electricity business in Germany, adding to its recent investments in battery storage and offshore wind. VSB's portfolio includes over 15 GW of projects, increasing TotalEnergies' renewables pipeline in Europe to more than 40 GW. The company has also initiated the divestment of the Puutionsaari project in Finland.
In Africa, the acquisition of SN Power supports TotalEnergies' multi-energy strategy in Uganda, where it now holds a 28.3% stake in the Bujagali hydropower plant, which supplies over 25% of the country's peak electricity demand. The deal also includes stakes in hydropower projects under development in Rwanda and Malawi.
In Canada, TotalEnergies has signed agreements with RES to acquire wind and solar projects in Alberta, totaling over 800 MW. It has also completed the acquisition of the 184 MW Big Sky Solar facility, with a portion of its output secured under a long-term power purchase agreement.
According to Stéphane Michel, President of Gas, Renewables, and Power at TotalEnergies, these acquisitions contribute to the company's goal of reaching 35 GW of renewable capacity by 2025 and over 100 TWh of electricity production by 2030, while also supporting profitability targets in the electricity sector. By Maryana Ahmadova, Trend News Agency
