Global Infrastructure SherpaScatec sells 51% stake in African hydropower platform to TotalEnergies Renewables SAS for $167 million
USD167M
Deal Value
800 MW
Capacity
Scatec ASA has sold its 51% stake in an African hydropower joint venture, which includes the 255 MW Bujagali hydropower plant in Uganda and development projects in Malawi and Rwanda, to TotalEnergies Renewables SAS for $167 million. This transaction allows Scatec to focus on its core markets and solar, wind, and battery energy storage, while strengthening the region's renewable energy infrastructure.
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Counterparts (5)
Partner
Norfund
Norfund is a Norwegian investment fund that focuses on investing in renewable energy, financial institutions, and infrastructure in developing countries. They aim to create jobs, stimulate economic growth, and contribute to sustainable development.
British International Investment
British International Investment (BII) is the UK's development finance institution. It invests in businesses in Africa, Asia and the Caribbean with the aim of solving the biggest global development challenges by investing to improve lives.
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TotalEnergies Renewables is significantly expanding its African footprint, acquiring Scatec's 51% stake in an 800 MW hydropower platform for $167 million. This strategic divestment allows Scatec to sharpen its focus on solar, wind, and battery energy storage, exiting its hydro interests in the region. The platform includes the operational 255 MW Bujagali plant in Uganda, alongside development projects in Malawi and Rwanda. Notably, the venture has long-standing backing from development finance institutions like Norfund and British International Investment, with Standard Chartered advising Scatec on the sale.
- $167M paid for 51% stake in 800 MW African hydro platform.
- Scatec divests hydro assets to focus on solar, wind, and battery storage.
- Platform includes Uganda's 255 MW Bujagali plant and projects in Malawi/Rwanda.
- Norfund and British International Investment are partners in the venture.
Timeline
Announced
Feb 28, 2025
Signed
Closed
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