TotalEnergies Completes Acquisitions in Europe, Africa, and Canada, Expanding RE Portfolio

TotalEnergies has confirmed the completion of its acquisitions of VSB Group and SN Power, following agreements signed in 2024.

VSB Group, a European wind and solar developer with a significant presence in Germany, and SN Power, a hydropower developer with a focus on Africa, particularly Uganda, are now part of TotalEnergies’ portfolio.

In addition, TotalEnergies has entered into new agreements with renewables developer RES to acquire renewable energy projects in Alberta, Canada, and has completed the acquisition of its first project.

In Europe, the acquisition of VSB strengthens TotalEnergies’ integrated electricity business, particularly in Germany, where half of VSB’s portfolio is located. This deal complements TotalEnergies’ recent acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy, along with its offshore wind investments in Germany.

With VSB’s pipeline of over 15 GW, TotalEnergies’ renewable capacity in Europe now exceeds 40 GW, including 7 GW already in operation or under construction. As part of its strategy, TotalEnergies has decided to divest the VSB-developed Puutionsaari project in Finland, which involves 440 MW of wind and solar capacity.

In Africa, the acquisition of SN Power enables TotalEnergies to further implement its multi-energy strategy, particularly in Uganda. TotalEnergies already has a presence in the country’s exploration and production sectors, and the Bujagali hydropower plant (225 MW), which meets over 25 percent of Uganda’s peak electricity demand, is part of this portfolio.

The acquisition provides TotalEnergies with a 28.3% stake in Bujagali and investments in two other projects under development in Rwanda and Malawi. The acquisition also strengthens TotalEnergies’ hydropower development expertise.

In Canada, TotalEnergies has signed agreements with RES to acquire wind and solar projects under development in Alberta, totaling over 800 MW. Additionally, the company has closed the acquisition of Big Sky Solar, a 184 MW solar facility in Alberta that was commissioned in February. More than two-thirds of the electricity produced by Big Sky Solar will be sold under a long-term power purchase agreement, with the remainder being sold on the electricity market. TotalEnergies will also market the carbon credits generated by the facility under Alberta’s regulated carbon emissions program.

Stéphane Michel, President of Gas, Renewables and Power at TotalEnergies, highlighted that the completion of these acquisitions aligns with the company’s target of achieving 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030. These acquisitions enhance TotalEnergies’ operations in key markets such as Germany and North America, while also leveraging synergies in countries like Uganda, where the company is active in exploration and production. These acquisitions are also expected to contribute to TotalEnergies’ cash flow growth and help the company reach its 12 percent profitability target in the electricity segment.

As part of its commitment to achieving net zero by 2050, TotalEnergies continues to build a world-class, cost-competitive portfolio that combines renewables, such as solar and wind, with flexible assets like combined-cycle gas turbine (CCGT) plants and energy storage.

By the end of 2024, TotalEnergies aims to have reached 26 GW of gross renewable electricity generation capacity and plans to expand this to 35 GW by 2025, with a goal of more than 100 TWh of net electricity production by 2030.