TotalEnergies takes on renewable energy portfolios in Europe, Africa and Canada

PARIS, April 2, 2025 – TotalEnergies has finalised the acquisitions of VSB Group in Europe, SN Power in Africa and a series of solar and wind projects in Canada, the company said on Wednesday.

In Canada, the company has signed agreements with RES to acquire wind and solar projects under development in Alberta with a total capacity exceeding 800 MW. The company has also finalised the acquisition of the 184-MW Big Sky Solar facility, which was commissioned in February.

TotalEnergies has also closed the acquisition of VSB Group, a wind and solar developer, strengthening its integrated electricity business in Germany. Half of VSB’s portfolio is in Germany. The acquisition adds to the company’s recent investments in battery storage developer Kyon Energy, energy manager Quadra Energy and offshore wind projects in the country.

VSB’s pipeline of more than 15 GW will increase TotalEnergies’ renewables pipeline in Europe to over 40 GW. This is in addition to 7 GW already in operation or under construction. The company said it has also initiated the divestment process for the 440-MW Puutionsaari wind and solar project in Finland.

The French energy giant has also completed the acquisition of SN Power, reinforcing its multi-energy strategy in Uganda, where it is already active in exploration and production. The 225-MW Bujagali hydropower plant meets more than 25% of Uganda’s peak electricity demand.

The acquisition gives TotalEnergies a 28.3% stake in Bujagali. It also includes interests in two additional projects under development in Rwanda (206 MW) and Malawi (360 MW).

More than two-thirds of the electricity generated will be sold under a long-term power purchase agreement. The remainder will be sold on the electricity market. Carbon credits from the project will be traded under Alberta’s carbon emissions programme.

“The completion of these three acquisitions in Europe, North America and Africa will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030,” president of gas, renewables and power Stéphane Michel said.

“These acquisitions strengthen our operations in markets where we are deploying our Integrated Power business, like Germany and in North America, and in countries, such as Uganda, where we can leverage synergies with our exploration and production activities. Furthermore, these acquisitions will contribute to cashflow growth and to our goal of reaching our 12% profitability target in the electricity segment.”

As part of its goal to reach net zero by 2050, TotalEnergies continues to develop a cost-competitive portfolio of renewables and flexible assets. These include solar, onshore and offshore wind, combined-cycle gas turbines and storage.

By the end of 2024, the company’s gross renewable electricity generation installed capacity had reached 26 GW. It plans to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.

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