TotalEnergies has successfully completed key acquisitions, further expanding its global renewable energy portfolio with significant new additions in Europe, Africa, and Canada. The company has acquired VSB Group, a leading European wind and solar developer, and SN Power, a prominent hydropower developer with a strong presence in Africa, especially in Uganda. Additionally, TotalEnergies has entered into agreements with RES, a renewable energy developer, to acquire multiple projects in Alberta, Canada, including the company’s first project acquisition in the region.
Strengthening Renewable Energy in Europe: Acquisition of VSB Group
TotalEnergies has finalized its acquisition of VSB Group, a major player in the European wind and solar market, enhancing its integrated electricity business in Germany. VSB’s portfolio, which boasts over 15 GW of renewable energy projects, adds significantly to TotalEnergies’ existing pipeline, bringing its total renewable energy capacity in Europe to more than 40 GW. This acquisition complements TotalEnergies’ earlier strategic moves, including the purchase of battery storage developer Kyon Energy, energy manager Quadra Energy, and various offshore wind projects across the region.
Aligned with TotalEnergies’ targeted approach to key European markets, the company has initiated the divestment process for VSB’s Puutionsaari project in Finland, a 440 MW wind and solar project, in line with its shifting market priorities.
Expanding Hydropower Expertise in Africa: Acquisition of SN Power
The acquisition of SN Power further strengthens TotalEnergies’ multi-energy strategy in Africa, notably expanding its hydropower capabilities. This deal is especially significant in Uganda, where TotalEnergies already has a presence in exploration and production. Included in the acquisition is a 28.3% stake in the Bujagali hydropower plant, which provides over 25% of Uganda’s peak electricity demand. Additionally, TotalEnergies gains a stake in two other hydropower projects under development in Rwanda (206 MW) and Malawi (360 MW), further bolstering its expertise in hydropower development and adding a skilled team to its portfolio.
Growing Renewable Energy Footprint in Canada: Expansion into Alberta
In Canada, TotalEnergies has signed agreements with RES to acquire several wind and solar projects in Alberta, amounting to over 800 MW of renewable energy capacity. The company has also finalized the acquisition of Big Sky Solar, a 184 MW solar facility in Alberta, which began operations in February 2024. A significant portion of the electricity generated by Big Sky Solar will be sold through a long-term power purchase agreement (PPA), with the remainder being sold on the open electricity market. Additionally, TotalEnergies will market the carbon credits produced by the facility under Alberta’s regulated carbon emissions program.
These strategic acquisitions across Europe, Africa, and Canada underline TotalEnergies’ commitment to accelerating the transition to renewable energy, expanding its global portfolio while promoting sustainable, multi-energy solutions across diverse regions.
