France-based energy giant TotalEnergies announced a series of renewable energy transactions, including the closing of three acquisitions in Europe, Africa and Canada, and a new 800 MW wind and solar acquisition in Canada.

The deals form part TotalEnergies’ efforts to boost clean energy capacity, and ultimately achieve its goal of reaching net zero by 2050, with the company targeting an expansion of its renewable energy generation business to 35 GW in 2025, and reaching more than 100 TWh of net electricity production by 2030. The company’s gross renewable electricity generation installed capacity reached more than 26 GW as of the end of 2024, up from around 22 GW in 2023, and less than 17 GW in 2022.

The newly closed acquisitions include VSB Group, a European wind and solar developer with extensive operations in Germany, and SN Power, which develops hydropower in Africa, particularly Uganda, and the Big Sky Solar facility in Alberta, Canada.

VSB’s assets include an integrated electricity business in Germany, and a renewables pipeline greater than 15 GW, as well as a 7 GW portfolio already in operation or under construction. The acquisition of SN Power gives TotalEnergies a 28.3% stake in the 225 MW Bujagali hydropower plant in Uganda, and stakes in projects under development in Rwanda and Malawi. The 184 MW Big Sky Solar facility in Canda was commissioned at the end of February, with more than two thirds of its electricity produced sold under a long-term power purchase agreement (PPA), and the remainder to be sold on the electricity market by TotalEnergies, which will also sell the carbon credits generated by the facility under Alberta’s regulated carbon emissions program.

Additionally, TotalEnergies announced a new agreement with RES to acquire more than 800 MW of wind and solar projects under development in Alberta.

Stéphane Michel, President, Gas, Renewables and Power at TotalEnergies, said:

“The completion of these three acquisitions in Europe, North America and Africa will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030. These acquisitions strengthen our operations in markets where we are deploying our Integrated Power business, like Germany and in North America, and in countries, such as Uganda, where we can leverage synergies with our exploration and production activities. Furthermore, these acquisitions will contribute to cash flow growth and to our goal of reaching our 12% profitability target in the electricity segment.”