Masdar, the United Arab Emirates-based clean energy company, has successfully completed the acquisition of Terna Energy in a landmark deal valued at €3.2 billion ($3.3 billion). This transaction is noted as the largest on the Athens Stock Exchange and one of the most significant in the EU renewables sector.
Acquisition Details
The acquisition, first announced in June 2024, involves Masdar acquiring 70% of Terna Energy’s shares from GEK Terna and other shareholders, securing all necessary regulatory approvals. The deal was sealed at €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.
Strategic Significance
This acquisition is a strategic move for Masdar, aiming to enhance its portfolio across Europe and achieve a global renewable energy capacity of 100 GW by 2030. Masdar CEO Mohamed Jameel Al Ramahi emphasized, “Masdar is proud to become the majority shareholder of Terna Energy, bringing together two energy champions. Our committed vision and long-term capital will unlock significant opportunities for further growth in Terna Energy’s expansion as it executes its strategy to support Greece’s renewable energy goals.”
Terna Energy’s Legacy
For over two decades, Terna Energy has been a prominent player in the renewable energy sector, boasting the largest and most diverse portfolio in Greece, with additional projects in Bulgaria and Poland. The company specializes in wind, solar, biomass, and hydro technologies. Currently, Terna is constructing the Amfilochia project, one of Europe’s largest pumped hydro projects, with a capacity of 680 MW. Following the acquisition, Terna aims to increase its capacity from 1.2 GW to 6 GW by 2029.
Leadership Insights
Terna Energy’s Chairman and CEO Georgios Peristeris remarked, “Our agreement with Masdar reflects our unparalleled leading role in the green energy transition in Greece and southeastern Europe. 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.”
Conclusion
The acquisition of Terna Energy by Masdar represents a significant advancement in the renewable energy landscape, not only enhancing Masdar’s capacity but also reinforcing its commitment to sustainable energy solutions in Europe. As both companies unite their efforts, they are poised to lead the transition to clean energy in the region.
