White & Case advises EPH on €10.6 billion joint venture with TotalEnergies to create one of Europe’s leading flexible power generation platforms

Global law firm White & Case LLP has advised Energetický a průmyslový holding, a.s. (EPH) on the establishment of a 50/50 joint venture (JV) with TotalEnergies, valued at €10.6 billion.

The JV will operate and develop a leading flexible power generation portfolio across selected European markets including Italy, the Netherlands, the UK and Ireland and France.

The transaction involves the sale of a 50 percent interest in EPH's existing flexible power generation assets to TotalEnergies. The portfolio includes gas-fired power plants, biomass assets, battery energy storage systems (BESS) and B2B energy supply activities across Italy, the UK and Ireland, the Netherlands and, subject to consultation, France. In return, EPH will receive €5.1 billion worth of TotalEnergies shares, equivalent to 95.4 million newly issued ordinary shares, representing approximately 4.1 percent of TotalEnergies' share capital.

EPH is one of Europe's largest privately owned energy groups, operating a vertically integrated portfolio of energy infrastructure and flexible power generation across Western and Central Europe. It focuses on gas transmission and distribution, gas storage, heat infrastructure and power generation, with a substantial share of activities in regulated, quasi-regulated, contracted or hedged segments.

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. It has more than 100,000 employees and is active in around 120 countries.

The White & Case team which advised on the transaction was led by partners John Cunningham, Richard Jones, Nick Matthew (all London) and Vit Stehlik (Prague) and included partners Saam Golshani, Franck De Vita, Alexandre Jaurett (all Paris), Jessica Kemp, Catherine Hill, Nicholas Greenacre, Victoria Landsbert, Karla Hughes (all London) and Sabrina Borocci (Milan & Brussels), local partner Sara Scapin (Milan), counsel Annabel Hodge (London) and associates Oliver Wilson, Trishala Naidu, Hannah Stilin, Brendan Lian, Neal Chandru, Katy Carden, Prisca Victoria Wharton (all London), Simon Martin-Gousset, Sarah Kouchad, Cécilia Grosjean (all Paris), Francesco Barcellini, Michela Francavilla and Alessandro Medolago (all Milan).

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