Europe: TotalEnergies takes 50% stake in flexible generation assets from EPH

PARIS, November 17, 2025 – France’s TotalEnergies has signed a EUR 5.1 billion all-stock deal to acquire 50% of a flexible power generation portfolio from Czech group EPH, creating a joint venture with more than 14 GW of capacity in Western Europe, the company said on Monday.

The transaction includes gas-fired and biomass plants as well as battery assets in Italy, the UK and Ireland, the Netherlands and France, and is expected to close by mid-2026.

The newly formed 50/50 joint venture will manage operations and business development, while both companies will independently market their share of production under tolling agreements.

The platform has 15 TWh of annual net production, expected to rise to 20 TWh by 2030, and includes a 5 GW development pipeline.

TotalEnergies said the deal would be immediately accretive to free cash flow per share and will raise available cash flow by USD 750 million annually over the next five years.

The company has revised its net Capex guidance down by USD 1 billion annually to USD 14 billion-16 billion for 2026-2030, while maintaining its 2030 electricity generation target of 100 TWh-120 TWh.

“This acquisition marks another major milestone in TotalEnergies’ strategy to build an integrated electricity player in Europe,” TotalEnergies chairman and CEO Patrick Pouyanné said.

“This transaction is founded on our strong appreciation of TotalEnergies… and excited to create a joint venture which is already today a leading player in European flexible power generation,” EPH chairman Daniel Kretinsky.

In Europe, TotalEnergies is a top gas supplier and is expanding its integrated power business with a focus on renewables and flexible generation to meet growing energy demand, especially from data centres.

EPH is a Czech-based energy group with assets in power and gas infrastructure, mainly focused in the European Union and the UK, operating over 50 power plants with a diversified fuel mix.

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