TotalEnergies has introduced the completion of its acquisition of VSB Group, a wind and photo voltaic developer throughout Europe, and SN Energy, a hydropower developer in Uganda.
Concurrently it introduced the signing of agreements to purchase a number of wind and photo voltaic initiatives within the Canadian province of Alberta from RES. TotalEnergies stated it had simply closed the acquisition of considered one of these initiatives, the 184-megawatt (MW) Massive Sky Photo voltaic, commissioned late February.
“The completion of those three acquisitions in Europe, North America and Africa will contribute to our targets of 35 GW [gigawatts] of gross renewable capability by 2025 and over 100 TWh [terawatt hours] of electrical energy manufacturing by 2030”, Stéphane Michel, TotalEnergies president for fuel, renewables and energy, stated in an organization assertion.
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In Europe TotalEnergies’ renewable power portfolio now consists of 500 MW put in or beneath development and a pipeline of over 15 GW of photo voltaic and wind.
In Africa the corporate has 255 MW of put in renewables capability plus 560 MW of hydro-generation initiatives.
In Canada TotalEnergies has raised its put in RE capability to 180 MW. It additionally has greater than 600 MW of photo voltaic and wind initiatives, in keeping with the corporate.
“These acquisitions strengthen our operations in markets the place we’re deploying our Built-in Energy enterprise, like Germany and in North America, and in nations, reminiscent of Uganda, the place we are able to leverage synergies with our exploration and manufacturing actions”, Michel added.
“Moreover, these acquisitions will contribute to money circulate development and to our objective of reaching our 12 p.c profitability goal within the electrical energy section”.
VSB, acquired from Swiss asset supervisor Companions Group for EUR 1.57 billion ($1.72 billion), contributes to TotalEnergies over 15 GW of initiatives within the pipeline, along with 7 GW operational or being constructed.
Nevertheless, TotalEnergies stated, “Given its focused technique for sure key European markets, the Firm has determined to begin the divestment course of for the VSB-developed Puutionsaari mission in Finland (440 MW wind and photo voltaic)”.
VSB boosts TotalEnergies share of the built-in electrical energy market in Germany, which represents half of the acquired firm’s portfolio.
On March 26 TotalEnergies introduced an funding outlay of EUR 160 million for six battery power storage system initiatives beneath development in Germany.
The initiatives have a mixed capability of 221 MW. They’re being developed by Kyon Vitality, acquired by TotalEnergies final yr. Building began on the finish of 2024 and commissioning is deliberate for early 2026, in keeping with TotalEnergies.
TotalEnergies stated it has 2 GW of storage capability beneath improvement and 321 MW beneath development in Germany.
In the meantime the acquisition of SN Energy from Norway’s Scatec will “enable TotalEnergies to implement its multi-energy technique” in Uganda, the place it already engages in hydrocarbon exploration and manufacturing. The 225-MW Bujagali hydropower plant, wherein TotalEnergies now owns 28.3 p.c following the transaction, meets over 25 p.c of the East African nation’s peak demand, TotalEnergies famous.
The SN Energy acquisition additionally offers TotalEnergies stakes in a 360-MW hydropower mission beneath improvement in Malawi and one other 206-MW hydropower mission beneath improvement in Rwanda.
In 2024 TotalEnergies’ gross put in renewables capability stood at 26 GW, in keeping with the corporate.
To contact the writer, e mail jov.onsat@rigzone.com
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