TotalEnergies will acquire a 50% stake in Energetický a průmyslový holding’s (EPH) flexible power generation platform for €5.1 billion in an all‑stock transaction that creates a 50/50 joint venture. The platform contains more than 14 GW of gas‑fired, biomass, and battery capacity that is either operating or under construction, with an additional 5 GW of projects in the pipeline. The assets are spread across Italy, the United Kingdom, Ireland, the Netherlands, and France, giving the new entity a broad European footprint.
The deal is a key milestone in TotalEnergies’ Integrated Power strategy, which seeks to combine intermittent renewable generation with dispatchable, flexible assets to deliver “Clean Firm Power.” By adding gas‑to‑power capability, the company can use its existing LNG supply chain to generate electricity on demand, a capability that is especially valuable for data‑center customers that require reliable, low‑carbon power.
Financially, the transaction is expected to be immediately accretive to TotalEnergies’ free‑cash‑flow per share, with an estimated $750 million of additional cash flow each year over the next five years. The company is also lowering its 2026‑2030 net capital‑expenditure guidance by $1 billion per year to a range of $14‑$16 billion, signalling a more disciplined investment approach while still supporting the growth of the new joint venture.
The joint venture will operate under a tolling arrangement that allows TotalEnergies and EPH to market the power generated by the platform. The tolling model provides a predictable revenue stream for the assets while giving TotalEnergies the flexibility to integrate the power into its broader grid operations. The platform’s 14 GW of capacity is already delivering power, and the 5 GW of pipeline projects will further expand the company’s ability to meet rising demand for flexible, low‑carbon electricity.
Patrick Pouyanné, CEO of TotalEnergies, said the acquisition “capitalises on the synergies between our gas supply chain and our power generation assets, creating a long‑term anchor partnership with EPH.” EPH’s chairman, Daniel Křetínský, added that the joint venture will position the two companies as leaders in Europe’s flexible power market and that EPH will become a significant shareholder in TotalEnergies.
Analysts have welcomed the deal as a strategic fit that strengthens TotalEnergies’ integrated power portfolio and supports its goal of increasing electricity production by more than 20% in 2025. The transaction is seen as a positive step toward the company’s 2030 target of 100‑120 TWh of low‑carbon electricity generation.
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