Scatec sells 51% stake in African hydropower platform to TotalEnergies Renewables SAS for $167 million

TotalEnergies Renewables SAS is acquiring a significant operational hydro capacity in Africa, a strategic move for portfolio diversification and regional presence. The $167 million acquisition by TotalEnergies Renewables SAS for a 51% stake in Scatec's 1.6 GW African hydropower platform in Uganda immediately adds 800 MW of operational hydro capacity to the buyer's portfolio. This transaction allows TotalEnergies Renewables to expand its 23 GW gross installed renewable electricity footprint with established, long-life assets in a key emerging market. Scatec, a developer focused on accelerating clean energy access in emerging markets, is monetizing a substantial portion of its African hydro assets, potentially freeing up capital for new developments or other strategic priorities. The deal structure involves a partial divestment, with Scatec retaining a minority interest, suggesting a continued, albeit reduced, involvement in the platform's future. This 51% stake transfer for $167 million values the acquired operational capacity at approximately $208,750 per MW. TotalEnergies Renewables SAS, as the dedicated renewable energy subsidiary of TotalEnergies SE, significantly enhances its African presence and diversifies its 23 GW gross installed renewable electricity portfolio with this hydro acquisition. Scatec ASA, known for developing, building, owning, and operating renewable energy plants in emerging markets, leverages Standard Chartered's advisory expertise to divest a material portion of its 1.6 GW African hydropower platform. Norfund, a Norwegian investment fund focused on renewable energy in developing countries, and British International Investment (BII), the UK's development finance institution, remain as partners in the platform, continuing their commitment to job creation and economic growth in Africa. This transaction highlights the ongoing interest from global multi-energy companies in acquiring operational renewable assets in emerging markets, particularly in sectors like hydro that offer stable, long-term generation.