White & Case LLP announced on May 5 that it has advised Energetický a průmyslový holding, a.s. (EPH) on completing a 50/50 joint venture with TotalEnergies to form TTEP.
The new company, TTEP, will manage and develop a flexible power generation portfolio in several European countries including Italy, the Netherlands, the United Kingdom, Ireland, and France. The agreement includes tolling contracts that allow both partners to independently market their respective shares of production. In addition to current operations, TTEP has a project portfolio totaling 5 gigawatts and will serve as the main investment vehicle for advancing flexible power generation and large-scale battery solutions in these markets.
The transaction became effective on April 29 after approval by the TotalEnergies SE Board of Directors. As part of the deal, EPH received approximately 95.4 million shares in TotalEnergies, representing about 4.2 percent of its share capital.
EPH is described as one of Europe’s largest privately owned energy groups with operations across Western and Central Europe focused on gas transmission and distribution, gas storage, heat infrastructure and power generation. Many activities are carried out under regulated or contracted conditions.
TotalEnergies is an integrated energy company active in around 120 countries with more than 100,000 employees involved in oil and biofuels production as well as natural gas, biogas, low-carbon hydrogen and renewables.
The White & Case team advising on this transaction was led by John Cunningham, Nick Matthew (both London), Vit Stehlik (Prague), along with other partners from London, Paris and Milan.
