TotalEnergies SE has concluded three major transactions in the renewable energy sector, consolidating its presence in the electricity markets of Europe, Africa and North America. These acquisitions, finalised following agreements signed in 2024, include the takeover of VSB Group in Germany, SN Power in Africa, and multiple solar and wind projects in Canada, including a commissioned solar facility.
Expansion of the European portfolio via VSB Group
The acquisition of VSB Group enables TotalEnergies to significantly bolster its integrated electricity portfolio in Europe, particularly in Germany, where half of VSB’s assets are located. This portfolio represents a development pipeline exceeding 15 gigawatts (GW) of solar and wind projects, in addition to the 7 GW already in operation or under construction. The deal is part of a focused strategy on select European markets, as evidenced by the decision to divest the Puutionsaari project in Finland (440 MW), developed by VSB. This acquisition complements recent integrations of Kyon Energy, a battery storage developer, and Quadra Energy, an energy management company.
Strategic positioning in Africa through hydropower
In Africa, TotalEnergies has finalised the acquisition of SN Power, a company specialising in hydropower projects, notably in Uganda. The deal grants TotalEnergies a 28.3% stake in the Bujagali hydropower plant (225 MW), which supplies over one-quarter of the country’s peak electricity demand. Two further projects are under development in Rwanda (206 MW) and Malawi (360 MW). This integration also allows TotalEnergies to onboard a team of hydropower development experts, enhancing its technical capabilities in this area.
Acceleration in North America with RES and Big Sky Solar
In Canada, the company has signed agreements with RES, a renewables developer, to acquire a portfolio of solar and wind projects totalling over 800 MW in Alberta. It has also completed the acquisition of Big Sky Solar (184 MW), a solar facility commissioned in February. More than two-thirds of the electricity generated by this facility will be sold under a long-term power purchase agreement, with the remainder traded on the market and through carbon credits issued under Alberta’s regulated emissions programme.
Stéphane Michel, President of Gas, Renewables and Power at TotalEnergies, stated: “The completion of these three acquisitions will support our target of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030.” He also highlighted their contribution to cash flow growth and to the company’s 12% profitability objective for the electricity segment.
