Investment in energy projects in Uganda is to be financed by TotalEnergies and Bujagali Energy Ltd. In keeping with its objective to promote Africa's energy transformation, TotalEnergies is investing in renewable energy projects there. This action is a component of that plan.
A 28.3% interest acquisition in the 250 MW Bujagali hydropower facility in Jinja, Uganda, which makes a substantial contribution to the country's electricity supply, is covered by the agreement. Moreover, TotalEnergies plans to purchase minority interests in two additional projects that are being developed in Malawi (360 MW) and Rwanda (260 MW). The chairman and CEO of TotalEnergies, Patrick Pouyanné, highlighted the company's multi-energy approach and how it helps oil-producing nations with their energy transformation.
The 3.7 GW gross capacity hydropower portfolio of TotalEnergies comprises notable projects in Europe, Mozambique, and India. The business intends to build 500 MW to 1 GW of renewable energy capacity, including wind and solar power facilities, in Tanzania and Uganda. These initiatives are a response to the countries' rising annual demand for power, which is rising by more than 5%.
The investments made by TotalEnergies are expected to assist in lowering Uganda's energy rates, which are now among the highest in the East African area, according to the government and private sector participants. Further establishing the company's position in Uganda's energy landscape are its significant involvement in oil and gas projects in the Lake Albert basin.
Ruth Nankabirwa Ssentamu, Uganda's Minister for Energy and Mineral Development, claims that TotalEnergies' participation in renewable energy projects enhances its activities involving fossil fuels and will benefit the country's energy industry.