TotalEnergies and Bujagali Energy Ltd. have signed an agreement to invest in energy projects in Uganda. This initiative aligns with TotalEnergies’ strategy to invest in renewable energy across Africa, showcasing its dedication to supporting the continent’s energy transition.
The agreement encompasses a 28.3% stake acquisition in the Bujagali hydropower plant in Jinja, Uganda, which has a capacity of 250 MW and significantly contributes to Uganda’s electricity supply. TotalEnergies will also acquire minority stakes in two other projects under development in Rwanda (260 MW) and Malawi (360 MW). Patrick Pouyanné, the chairman and CEO of TotalEnergies, emphasised the company’s multi-energy strategy, highlighting its role in aiding oil-producing countries in their energy transition.
TotalEnergies’ global hydropower portfolio includes a gross capacity of 3.7 GW, with significant projects in Europe, Mozambique, and India. In Uganda and Tanzania, the company plans to install between 500 MW and 1 GW of renewable energy capacity, including solar and wind power projects. These efforts are in response to the growing demand for electricity in these countries, which is increasing by over 5% per year.
The Ugandan government and private sector players hope that TotalEnergies’ investments will help reduce electricity tariffs, which are currently among the highest in the East African region. The company is also involved in major oil and gas projects in Uganda’s Lake Albert basin, further solidifying its role in the country’s energy landscape.
Minister for Energy and Mineral Development, Ruth Nankabirwa Ssentamu, stated that TotalEnergies’ participation in renewable energy projects complements its fossil fuel operations and will positively influence Uganda’s energy sector.
