TotalEnergies to buy stake in EPH’s flex-gen fleet, including gigawatts of battery storage, in €5.1 billion deal

French energy major TotalEnergies has agreed to acquire a 50% stake in Czech energy company Energetický a průmyslový holding’s (EPH) flexible power generation platform – including gas-fired and biomass power plants and battery systems – in Western Europe (Italy, the United Kingdom and Ireland, the Netherlands, and France), in a transaction valued at €5.1 billion.

The deal will establish a 50-50 joint venture with over 14 GW of flex-gen assets under shared industrial management, with each company marketing its share of production through a tolling arrangement. As part of the transaction, TotalEnergies will issue 95.4 million new shares to EPH, making the Czech group one of its largest shareholders, with approximately 4.1% of its share capital.

The portfolio covers assets that are either operational or under construction, with the latter accounting for around 5 GW of projects. It primarily comprises gas-fired power plants, biomass power plants, and battery systems which benefit from secured capacity revenues representing 40% of the gross margin, enabling TotalEnergies to strengthen its presence in Europe’s most profitable electricity markets.

The portfolio includes:

• Italy: 7.5 GW, with 3.7 GW in operation, 2.4 GW under construction, including two next-generation gas-fired power plants are among the most efficient in Europe, and 1.4 GW under development.
• United Kingdom and Ireland: 7.1 GW, including 5 GW from operating gas and biomass plants, 0.4 GW of batteries under construction and 1.7 GW under development.
• Netherlands: 3.6 GW, with 2.6 GW from gas-fired plants that are particularly well located to meet the needs of the German market, 0.2 GW from batteries under construction and 0.8 GW under development.
• France: 1.1 GW, with 100 MW of batteries under construction and 1 GW under development.

The deal remains subject to regulatory approvals and employee consultations, with completion expected by mid-2026.