Masdar completes $3.3bn Terna Energy acquisition
November 29, 2024
United Arab Emirates-based clean energy company Masdar has completed the acquisition of Terna Energy in a €3.2bn ($3.3bn) deal.
The deal, the largest on the Athens Stock Exchange and one of the biggest in the EU renewables sector, was first announced in June 2024.
Masdar has acquired 70% of Terna Energy shares from GEK Terna and other shareholders, and has secured all necessary regulatory approvals. The acquisition was sealed for €20 ($21.1) per share.
Masdar’s next step is to obtain regulatory approvals from the Hellenic Capital Markets Commission for an all-cash mandatory tender offer to acquire the remaining shares.
The acquisition is a strategic move for Masdar, as it aims to expand its portfolio across Europe and reach a global capacity of 100GW by 2030.
Masdar CEO Mohamed Jameel Al Ramahi stated: “Masdar is proud to become the majority shareholder of Terna Energy, bringing together two energy champions.
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“Our committed vision and long-term capital will unlock significant opportunities for further growth in Terna Energy’s expansion as it executes on its strategy to support Greece’s renewable energy goals.”
For more than two decades, TERNA ENERGY has been a significant player in the renewable energy sector, holding the largest and most diverse portfolio in Greece, with additional projects in Bulgaria and Poland.
The company’s expertise spans wind, solar, biomass and hydro technologies, and it is currently constructing the Amfilochia project, one of Europe’s largest pumped hydro projects, with a capacity of 680MW.
Terna, with 1.2GW capacity, aims for 6GW by 2029 following its acquisition by Masdar.
Its chairman and CEO Georgios Peristeris stated: “Our agreement with Masdar is a reflection of [our] unparalleled leading role in the green energy transition in Greece as well as in southeastern Europe, a result of our consistent and tireless efforts over the last 25 years to create the largest and fastest growing clean energy platform in our country.
“Sharing the same vision with Masdar for clean, affordable and domestically produced energy, we look forward to working together towards a future of endless growth possibilities.”
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