Norton Rose Fulbright advises TotalEnergies on acquisition of African hydropower portfolio

Global law firm Norton Rose Fulbright has advised TotalEnergies on its agreement with Norwegian renewable energy company Scatec to acquire 100% of its subsidiary company SN Power.

SN Power holds stakes in renewable hydropower projects in Africa, as part of a joint venture (51% SN Power) with Norfund and British International Investment (BII).

The conclusion of this transaction, subject to certain conditions, will see TotalEnergies acquire a 28.3% interest in the Bujagali hydropower plant in Uganda, which covers more than 25% of the country's peak electricity demand. TotalEnergies will also acquire minority stakes in two renewable hydropower projects under development in Rwanda and Malawi.

TotalEnergies is a global integrated energy company that produces and markets energies. It has a history of over 100 years and employs more than 100,000 people worldwide.

The Norton Rose Fulbright team was led by corporate partner Andrew Davies, with support from partners Julia Lloyd, Chris Down, Ian Giles and Mike Knapper, senior associates Hannah Culshaw, Matt Eccles, Shaheer Momeni and Alexandra Jeffreys, associates Tayo Hagger-David, Adam Leigh, Katherine Qiu, Hector Ribeiro, Sduduzo Mhlongo, Joana De Oliveira Goncalves, Emmanuel Alabi and Nick Jens, counsel Chris Baird, and trainee solicitor Rebecca Bell in London.

Additional support was provided from the firm's Amsterdam office by partner Heimon Smits, associates Nivard Witte and Marjolein Lensing, counsel Stefanie Walthaus, from the firm's Johannesburg office by partner Mark Griffiths, from the firm's Brussels office by senior associate Matej Ovecka and associate Angelos Vlazakis, and from the firm's Singapore office by partner Colin Rice.

Further support was received by local counsel Thommessen as to Norwegian law, MMAKS Advocates as to Ugandan law, Singano Purshotam Law Consultants as to Malawian law, Trust Law Chambers as to Rwandan law and Ocampo & Suralvo as to Philippines law.

Andrew Davies commented:

“We are very pleased to have supported TotalEnergies on the acquisition of an African hydropower infrastructure portfolio, which is an integral part of TotalEnergies’ strategy of supporting countries achieve their energy transition goals alongside investment in traditional energy sources. This complex transaction was undertaken in a short timeframe, and stands testament to the strength and capabilities of our global energy and infrastructure M&A practice.”

This deal follows on from two other strategic transactions on which Norton Rose Fulbright has advised TotalEnergies this year, including the £450 million acquisition of the West Burton B CCGT and BESS project, and its entry into a joint venture with SSE to develop an electric vehicle (EV) charging platform in the UK and Ireland.

Norton Rose Fulbright’s infrastructure and natural resources team utilises 1,300 lawyers across all practice areas to support its client base of major multinational corporates, commercial banks, funds, developers, investors, governmental bodies and multilaterals on many of the world’s leading energy and infrastructure projects. These include innovative and first-to-market transactions across a variety of sectors including oil and gas, LNG, nuclear, mining, power and utilities, renewables, water, roads, ports and terminals, commodities, construction and engineering, rail and food and agribusiness.