TotalEnergies has signed an agreement with Bujagali Energy Ltd to acquire a 28.3% stake in the 250 MW hydropower plant in Jinja, Uganda. This acquisition reflects TotalEnergies’ commitment to investing in renewable energy projects across Africa, with plans to acquire minority stakes in two other projects under development in Rwanda (260 MW) and Malawi (360 MW). According to the CEO, the Bujagali plant acquisition aligns with the company’s multi-energy strategy to support energy transitions in oil-producing countries with plans to install between 500 MW and 1 GW of renewable energy capacity in Uganda and Tanzania. The company has already invested in solar projects in Uganda and, over the next five years, will develop solar and wind projects worth $500 million in Tanzania. Uganda hopes this development will lower electricity tariffs and potentially reduce its high cost of doing business.
SOURCE: EAST AFRICAN
