BAKU, Azerbaijan, November 17. TotalEnergies has signed an agreement to acquire a 50% stake in Energetický a průmyslový holding’s (EPH) flexible power generation assets across Italy, the UK and Ireland, the Netherlands, and France, in a deal valued at 10.6 billion euros, the company said, Trend reports.
Under the agreement, EPH will receive 5.1 billion euros in TotalEnergies shares, making it one of the company’s largest shareholders. The acquisition will form a 50/50 joint venture responsible for managing the assets, while each partner markets its share of production.
The portfolio includes over 14 GW of gas-fired and biomass power plants, batteries, and projects under construction or development, delivering around 15 TWh of electricity annually. Key assets include 7.5 GW in Italy, 7.1 GW in the UK and Ireland, 3.6 GW in the Netherlands, and 1.1 GW in France.
TotalEnergies said the acquisition will accelerate its Integrated Power strategy, expanding its presence in European electricity markets and enabling further integration with its LNG supply. The transaction is expected to be immediately accretive to free cash flow per share, generating an estimated $750 million per year over the next five years.
Completion is expected by mid-2026, pending regulatory approvals and employee consultations.