TOTALENERGIES takes majority stake in ENERGETICKÝ A PRŮMYSLOVÝ EPH
Context
TotalEnergies has entered into an agreement with EPH to acquire a 50% stake in a European portfolio of power generation assets, as part of a joint venture owned equally by both groups, which will be responsible for the industrial management and development of these assets. Beyond the capital structuring of the transaction, this deal aligns with TotalEnergies' Integrated Power strategy, aimed at increasing the group's exposure to electricity in Europe and developing synergies between its gas and power generation activities. In this context, the acquired portfolio represents a significant platform, comprising over 14 GW of flexible power generation capacity, primarily consisting of gas-fired power plants, biomass units, and battery storage systems, spread across several key European markets. The portfolio also includes approximately 5 GW of projects under development, with an expected net production of around 15 TWh per year, projected to reach nearly 20 TWh by 2030. In addition to its industrial scope, the portfolio is underpinned by power markets that provide a substantial portion of secured revenue, particularly through capacity mechanisms that account for around 40% of gross margins, contributing to the economic visibility of the portfolio. Finally, the transaction, which involves the issuance of TotalEnergies shares to EPH for approximately €5.1 billion, is expected to be immediately accretive to free cash flow per share and will contribute to the group's accelerated growth in the flexible and low-carbon power markets.
ENERGETICKÝ A PRŮMYSLOVÝ EPH, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN.
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
Target
EPH (Energetický a průmyslový holding) is a leading European energy group specializing in the ownership and operation of flexible and thermal power generation assets. The portfolio in question comprises combined cycle gas turbines, biomass units, and battery storage solutions, primarily located in Italy, the UK, Ireland, the Netherlands, and France. These assets represent a total capacity of over 14 GW in operation or under construction, supplemented by approximately 5 GW of projects in development. They are positioned in mature European power markets where production flexibility has become a critical factor in maintaining grid balance amidst the increasing penetration of intermittent renewable energy sources. The portfolio benefits from partially secured revenue streams, notably through capacity contracts, providing visibility into a portion of the revenue flows. It constitutes an integrated industrial platform combining the operation of existing assets, development of new projects, and optimization of operational performance. EPH has established itself as a major European player in the electricity flexibility segment, developing recognized expertise in the management of thermal and hybrid assets.
Ent. Value
LOGIN
Equity Value
LOGIN
Multiples
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Similar deals in Energy & Utilities
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 05/2026 | OTOVO | SUNSYSTEM TECHNOLOGY | UNITED STATES | Power Generation | Euronext Oslo-listed energy services provider Otovo ASA has executed a non-binding letter of intent to acquire 100% of the U.S.-based solar operations and maintenance firm SunSystem Technology, LLC (SST) |
| 12/2025 | TOTALENERGIES | VSB GROUP | GERMANY | Power Generation | The global energy leader has successfully finalized a series of strategic acquisitions across Europe, North America, and Africa, marking a decisive expansion of its renewable generation capabilities. This transaction represents a definitive move to incorporate a specialized German wind and solar developer into the group’s broader power division |
| 06/2025 | ARES | PLENITUDE | ITALY | Power Generation | Ares Alternative Credit Management has entered into an agreement to acquire a 20% stake in Plenitude through an investment of approximately €2 billion, becoming the company’s second minority shareholder alongside Energy Infrastructure Partners |
| 03/2025 | BROOKFIELD | Neoen | FRANCE | Power Generation | Brookfield Renewable Holdings announced the successful completion of a mandatory tender offer for all outstanding shares and convertible bonds of Neoen. The offer, launched in February 2025, resulted in Brookfield and its concert parties acquiring approximately 97 |
| 03/2025 | ARDIAN | AKUO | FRANCE | Power Generation | Ardian acquired approximately 97% of Akuo for an equity value of approximately EUR1 billion, enabling the exit of ICG (Intermediate Capital Group), which had provided EUR650 million in non-dilutive financing in 2022 |
| 11/2024 | Masdar | TERNA ENERGY | GrEECE | Power Generation | Masdar concluded the acquisition of Terna Energy, the pre‑eminent Greek renewable‑energy developer and operator. The deal, first disclosed in June 2024, culminated after a rigorous regulatory review by the European Commission and the Hellenic Energy Authority, confirming compliance with competition and foreign‑investment statutes |
| 11/2024 | KKR | Greenvolt | PORTUGAL | Power Generation | KKR announced a definitive tender offer to acquire control of Greenvolt – Energias Renováveis, S.A., a Portuguese independent power producer specializing in solar and wind assets. The bid represented KKR’s most recent foray into the European renewable sector, following a period of heightened investor interest in decarbonisation infrastructure |
| 09/2024 | PPC GROUP | COPELOUZOS WIND PORTFOLIO | GREECE | Power Generation | PPC Group has finalized a strategic agreement to acquire an extensive energy portfolio from the Copelouzos and Samaras groups, a maneuver designed to fundamentally accelerate the group’s renewable transition |
| 06/2024 | KKR | Encavis | GERMANY | Power Generation | KKR disclosed the launch of a voluntary public takeover bid for Encavis AG, a leading independent operator of renewable‑energy assets in Europe. The proposal, structured as a cash‑only offer, rapidly achieved the statutory minimum acceptance threshold, prompting the formal conclusion of the transaction |
| 11/2023 | Statkraft | Enerfin | SPAIN | Power Generation | Statkraft announced the acquisition of Enerfin, the renewable‑energy subsidiary of the Spanish engineering conglomerate Elecnor. Enerfin comprises a diversified portfolio of operational wind and solar facilities primarily located in Spain and Portugal, together with an active development pipeline targeting additional on‑shore wind projects and utility‑scale solar farms |
REFERENCES
Valuation range: EV 3b - 100b EUR
EBITDA range: 1b - 3b EUR
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ENERGETICKÝ A PRŮMYSLOVÝ EPH by TOTALENERGIES are reserved for mynth community members. Register for free to unlock full data.
Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: energetický a průmyslový eph
Acquirer: totalenergies