Masdar to Acquire Majority Stake in Greece’s Terna Energy
Masdar, an Abu Dhabi-based renewable energy company, announced on Thursday that it has finalized an agreement to acquire a 67% stake in Greece’s Terna Energy. The purchase price is set at €20 ($21.45) per share, with plans to extend a mandatory offer to buy the remaining shares.
This deal places Terna Energy’s total equity at €2.4 billion and its enterprise value at €3.2 billion, making it the largest energy transaction in the history of the Athens Stock Exchange and one of the most significant in the European renewable energy market.
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, announced the significant acquisition, stating: “Today marks a major milestone in Masdar’s strategy to expand its portfolio to 100GW of clean energy by 2030 and it will make a substantial contribution to the renewable energy capacity of Greece.”
The acquisition is anticipated to bring substantial capital investment to Greece and other European countries. It will bolster Terna Energy’s efforts in contributing to Greece’s National Energy and Climate Plan (NECP) and the European Union’s goal of achieving net zero emissions by 2050.
Founded in 1997, Terna Energy has established itself as a premier European clean energy platform, boasting over 25 years of experience in delivering innovative and sustainable energy projects. The company is involved in the financing, development, construction, and operation of renewable energy facilities, including wind, solar, hydroelectric, and pumped storage projects.
This proposed acquisition underscores Masdar’s ambitious growth strategy in the region and enhances its reputation as a reliable partner in the global energy transition. Masdar recently announced a plan to achieve an operational renewable energy capacity of 6GW by 2030. With Terna Energy’s extensive project portfolio, Masdar aims to solidify its presence in the European market.
The deal also emphasizes Masdar’s confidence in Terna Energy’s potential for growth and highlights the robustness of the Greek renewable energy sector. The acquisition is expected to significantly contribute to Masdar’s goal of reaching a global capacity of 100GW by 2030.
