TotalEnergies has agreed to acquire a 50% stake in EPH’s flexible power generation platform across Western Europe, valuing the portfolio at €10.6 billion (US$11.4 billion). The deal covers gas-fired and biomass plants, as well as battery assets in Italy, the UK and Ireland, the Netherlands and France.
EPH will receive €5.1 billion (US$5.5 billion) in newly issued TotalEnergies shares, amounting to 95.4 million shares and giving the company a 4.1% stake in TotalEnergies upon completion. A 50/50 joint venture will manage the assets, while both firms will sell their share of output via a tolling arrangement.
Key asset breakdown
The portfolio includes over 14 GW of flexible capacity:
- Italy: 7.5 GW
- UK & Ireland: 7.1 GW
- Netherlands: 3.6 GW
- France: 1.1 GW
Around 5 GW of additional projects are under development. TotalEnergies said the transaction strengthens its Integrated Power strategy by pairing renewable generation with flexible assets, supporting rising European electricity and data-centre demand.
The deal is also expected to enhance the company’s LNG-to-power value chain in Europe, with the additional 15 TWh of annual net generation linked to about 2 million tonnes per year of LNG.
Financial impact
TotalEnergies expects the acquisition to be immediately accretive, delivering around US$750 million in extra annual cash flow over five years. The move brings forward free-cash-flow positivity for its Integrated Power segment to 2027, one year earlier than planned.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said the partnership strengthens the company’s ability to supply “reliable, competitive and low-carbon energy”.
EPH Chairman Daniel Křetínský said the deal reflects the company’s confidence in TotalEnergies’ strategy and marks its entry as a long-term shareholder.
The transaction is subject to regulatory approvals and employee consultations, with completion expected mid-2026.
