TotalEnergies has reached an agreement to acquire a 50 percent stake in Energetický a prumyslový Holding (EPH), a leading Western European multi-utility company.
The acquisition, valued at an enterprise value of pound 10.6b, will see TotalEnergies and EPH form a new 50/50 joint venture to manage a portfolio of flexible power-generation assets, including gas, biomass, and batteries, across Italy, the UK, Ireland, the Netherlands, and France. The move combines TotalEnergies’ renewable-energy capacity with EPH’s flexible generation assets, strengthening TotalEnergies’ position in the Western European electricity market.
Impact Uganda’s oil and gas
TotalEnergies remains a key player in Uganda’s emerging oil and gas sector through its upstream affiliate, TotalEnergies EP, and is the lead operator of the Tilenga Project on the shores of Lake Albert.
The Tilenga Project involves developing six oil fields and drilling more than 400 wells in the Albertine Graben. It is expected to produce 190,000 barrels of oil per day at peak, and is about 60 percent complete.
TotalEnergies is also the majority shareholder and operator of the East African Crude Oil Pipeline (EACOP), the 1,443-kilometre heated underground pipeline designed to transport Uganda’s crude oil from Kabaale to the Tanzanian port of Tanga for export.
Economic analysts say the European acquisition is unlikely to affect TotalEnergies’ oil and gas operations in Uganda, where the country is targeting first commercial oil by the end of 2026.
‘Uganda will not directly benefit from this specific acquisition because it involves power-generation assets in Europe, not Africa,’ said Dr Fred Muhumuza, a researcher and economist.
‘However, the acquisition is part of TotalEnergies’ broader strategy to invest in renewable energy. Indirectly, Uganda could benefit because TotalEnergies already has interests in renewable-energy development here,’ he said, adding the company’s rebranding reflects its commitment to environmental sustainability.
Energy sector expert James Muhindo also said the deal carries no serious significance for TotalEnergies’ interests in Uganda. ‘This is a strategic move to position the company for a future where fossil fuels may no longer dominate global energy. TotalEnergies knows oil will not be here forever. At some point, renewables may become the primary interest. That is why Uganda must diversify; we cannot afford to put all our eggs in one basket.’
Separately, TotalEnergies has consolidated all its operations in Uganda, creating a modern integrated headquarters named T-Hive, located at the RR Pearl building in Kampala.