The announcement was delivered alongside news that TotalEnergies closed its acquisition of VSB Group’s portfolio of solar and wind projects, growing the company’s renewables pipeline by more than 15 gigawatts (GW). (Source: Shutterstock)
TotalEnergies has sealed deals with renewable energy developer RES to acquire renewable energy projects in Canada, the France-based energy company.
The acquisitions include solar and wind projects under development with a combined capacity of more than 800 megawatts (MW) and the 184-MW Big Sky Solar facility in Alberta, the company said April 2 in a news release.
The announcement was delivered alongside news that TotalEnergies closed its acquisition of VSB Group’s portfolio of solar and wind projects, growing the company’s renewables pipeline by more than 15 gigawatts (GW). TotalEnergies said the deal strengthens its integrated electricity business in Germany and boosts its renewables pipeline in Europe to more than 40 GW of capacity.
TotalEnergies also said the company closed its acquisition of SN Power, enabling the company to pursue a multi-energy strategy in Uganda. With the deal, TotalEnergies gained a 28.3% stake in the Bujagali hydropower plant in Uganda, stake in a 206-MW project being developed in Rwanda and stake in a 360-MW project under development in Malawi, the release stated.
“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,” said Stéphane Michel, president of gas, renewables and power at TotalEnergies.
Michel added, “these acquisitions will contribute to cash flow growth and to our goal of reaching our 12% profitability target in the electricity segment.”
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