TotalEnergies has signed a €5.1 billion ($5.5 billion) all-stock agreement to acquire a 50% stake in EPH’s flexible power generation platform, marking one of the company’s most significant moves yet to scale its gas-to-power integration strategy across Europe.

The transaction creates a 50/50 joint venture holding more than 14 GW of flexible generation capacity — including gas-fired plants, biomass facilities and battery systems — with another 5 GW in development. TotalEnergies said the acquisition will immediately expand its role in Europe’s most profitable electricity markets across Italy, the UK, Ireland, the Netherlands and France.

The company expects the deal to deliver 15 TWh/year of net electricity production, increasing to 20 TWh by 2030, positioning the joint venture as one of Europe’s largest flex-gen operators. TotalEnergies will issue 95.4 million shares to EPH to fund the purchase, making EPH one of its largest shareholders.

CEO Patrick Pouyanné said the acquisition strengthens TotalEnergies’ ability to balance intermittent renewables with dispatchable, gas-fired generation — a core pillar of its Integrated Power strategy. “Given our position as the #1 gas supplier in Europe, this transaction enables us to fully capitalize on gas-to-power integration and create added value for our LNG chain, independently of oil cycles,” he said.

TotalEnergies expects the deal to be immediately accretive to free cash flow per share, adding roughly $750 million per year over the next five years. The company also reduced its net Capex guidance to $14–16 billion per year for 2026–2030, including $2–3 billion annually for power investment.

EPH Chairman Daniel Křetínský said the partnership reflects a long-term commitment to TotalEnergies’ transition strategy and strengthens both companies’ positions in Europe’s rapidly shifting energy markets.

The transaction is subject to regulatory and employee-consultation processes, with completion expected by mid-2026.