Highlights

  • TotalEnergies acquires half of EPH’s flexible power portfolio in a EUR 5.1 B all-stock transaction.
  • Deal adds over 14 GW of flexible generation, raising net annual production to 15 TWh.
  • Transaction reduces annual net Capex guidance by USD 1 B to USD 14-16 B for 2026-2030.

TotalEnergies (LSE:TTE) has signed an agreement with Energetický a průmyslový holding (EPH) to acquire 50% of its flexible power generation platform in Western Europe, covering Italy, the United Kingdom and Ireland, Netherlands, and France. The platform includes gas-fired and biomass power plants, as well as battery systems. The total enterprise value of the platform is EUR 10.6 B, with TotalEnergies issuing EUR 5.1 B worth of shares to EPH.

Under the deal, 95.4 million TotalEnergies shares will be issued at a volume-weighted average price of EUR 53.94 per share, representing 4.1% of the company’s share capital. This shareholding will make EPH one of TotalEnergies’ largest shareholders.

The acquisition forms a 50/50 joint venture, responsible for the industrial management of the assets and business development. Each company will market its share of production under a tolling arrangement with the joint venture.

European Power Platform and Capacity

The portfolio includes more than 14 GW of flexible generation capacity, with secured capacity revenues representing 40% of the gross margin. This includes:

  • Italy: 7.5 GW, including 3.7 GW operational, 2.4 GW under construction, and 1.4 GW under development.
  • UK & Ireland: 7.1 GW, including 5 GW operational, 0.4 GW of batteries under construction, and 1.7 GW under development.
  • Netherlands: 3.6 GW, with 2.6 GW gas-fired operational, 0.2 GW batteries under construction, and 0.8 GW under development.
  • France: 1.1 GW, with 100 MW batteries under construction and 1 GW under development.

The joint venture will also manage approximately 5 GW of projects under development, serving as the vehicle for flexible power growth in the targeted regions.

Financial Impact and Guidance

The transaction is immediately accretive to free cash flow per share. TotalEnergies expects an increase in available cash flow of roughly USD 750 M per year over the next five years. The Integrated Power segment is expected to generate positive free cash flow as early as 2027.

Following this transaction, TotalEnergies has reduced its annual net Capex guidance by USD 1 B per year to USD 14-16 B for 2026-2030, with USD 2-3 B allocated for the Integrated Power segment. The company maintains its 2030 electricity generation target of 100-120 TWh.

Share Performance of TTE

TTE was trading at EUR 56.20 per share as of 17 November 2025.