TotalEnergies Closes Three Acquisitions, Expands Renewable Portfolio

Core Insights - TotalEnergies SE (TTE) has completed the acquisition of VSB Group, enhancing its renewable energy portfolio in Germany, and has also acquired SN Power, focusing on hydropower projects in Africa [1][4] - The company is pursuing a multi-energy strategy, expanding its renewable capacity significantly through various acquisitions and projects [4][5] Group 1: Acquisitions - The acquisition of VSB Group strengthens TotalEnergies' integrated electricity business in Germany, which constitutes half of VSB's portfolio [2] - VSB Group adds 7 gigawatts (GW) of operational or under-construction capacity and over 15 GW in the pipeline, increasing TotalEnergies' renewable capacity in Europe to over 40 GW [3] - TotalEnergies has acquired SN Power, gaining a 28.3% stake in the Bujagali hydropower plant in Uganda and shares in additional projects in Malawi (360 MW) and Rwanda (206 MW) [4] - Contracts have been signed with RES for the acquisition of wind and solar projects in Alberta, totaling over 800 megawatts (MW) [5] Group 2: Renewable Energy Strategy - TotalEnergies aims to reach net zero by 2050 by developing a competitive portfolio that includes flexible assets and renewable energy sources [7] - The company plans to increase its gross renewable electricity generation capacity to 35 GW by 2025 and over 100 terawatt-hours of net electricity by 2030 [8] Group 3: Industry Context - Other companies in the industry, such as BP, Shell, and Equinor, are also expanding their renewable energy operations, with BP targeting a 60.6 GW renewables pipeline by the end of 2024 [10] - Shell has around 3.4 GW of renewable power generation capacity in operation and 4 GW under construction [11] - Equinor aims to reach 10-12 GW of renewable capacity by 2030 [12] Group 4: Stock Performance - TotalEnergies' stock has increased by 14% over the past three months, outperforming the industry average growth of 9.3% [13]