The Herald (Zimbabwe)

TotalEnerg­ies purchases stake in hydropower plant

UGANDA’S Bujagali Energy Ltd has inked a deal with French oil giants TotalEnerg­ies in a bid to attain its renewable energy targets, while also meeting energy demands in the country. The partnershi­p seemed to have been well received in the East African country. TotalEnerg­ies also intends to expand its interests in Malawi, Tanzania and Rwanda.

TotalEnerg­ies’ deal with Bujagali Energy Ltd involves the purchase of a 28,3 per cent stake in the hydropower plant located in Jinja, 80km east of Kampala, as reported by the East African.

The facility has a capacity of 250 MW, which manages to meet a major portion of Uganda’s electrical needs.

“This acquisitio­n of renewable hydroelect­ric assets and projects in Africa reflects our desire to contribute to the continent’s energy transition by bringing electricit­y to the people of African countries,” TotalEnerg­ies revealed on Tuesday.

The chairman and CEO of TotalEnerg­ies, Patrick Pouyanné, noted that the deal demonstrat­es the oil major’s capacity to apply its multi-energy strategy in oil-producing countries to assist them with their energy transition.

“We believe that TotalEnerg­ies will be a strong asset owner going forward, with the ability to further develop the projects and contribute to the energy transition in Africa,” he said.

The French oil giant is also looking to buy minority stakes in two projects under developmen­t in Rwanda (260 MW) and Malawi (360 MW).

TotalEnerg­ies gross hydropower capacity across the globe via its numerous facilities stands at 3,7GW.

These are 218 MW deployed in Europe, including 19 MW in France, 33 MW in Portugal, and 166 MW in Turkey; moreover, 1,5 GW is being developed in Mozambique as part of the Phanda Nkuwa project; and 2 GW is being developed in India by Adani Green.

Additional­ly, with the goal to meet Tanzania’s and Uganda’s rising yearly demand for electricit­y of over 5 percent, the French oil company has initiated renewable energy projects. They plan to install between 500 MW and 1 GW of gross capacity.