Overview
- TotalEnergies will issue 95.4 million new shares to EPH and form a 50/50 joint venture to operate the assets, with each partner marketing its share under a tolling arrangement.
- The portfolio is valued at €10.6 billion, reflecting 7.6x expected 2026 EBITDA, with closing targeted for mid‑2026 subject to completion conditions.
- The acquisition adds more than 14 GW of flexible generation in Italy, the U.K. and Ireland, the Netherlands and France, plus about 5 GW of projects under development across gas, biomass and batteries.
- The assets are expected to contribute roughly 15 TWh of net annual power production, rising to about 20 TWh by 2030, enable monetization of around 2 Mtpa of LNG and derive roughly 40% of gross margin from capacity revenues.
- Guidance includes immediate accretion to free cash flow per share, about $750 million in additional available annual cash flow over five years, a $1 billion cut to annual net capex to $14–$16 billion for 2026–2030 and Integrated Power turning free‑cash‑flow positive in 2027.