Abu Dhabi Future Energy Company (Masdar) is acquiring listed Greek renewable energy company Terna Energy in a €3.2bn deal.
Masdar has agreed to buy an initial 67% interest in the Athens Stock Exchange-listed company from Gek Terna and other shareholders with a plan to launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares in a deal that gives Terna a total equity value of €2.4bn and an enterprise value of €3.2bn.
Terna, which was established in 1997, is known for financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects.
Masdar is owned by Abu Dhabi’s national energy company TAQA, national oil company ADNOC and the Mubadala Investment Company. The company established in 2006 has developed and invested in projects in more than 40 countries with a combined capacity of over 20GW and plans to reach a renewable energy portfolio capacity of 100GW by 2030.
Sultan Al Jaber, UAE minister of industry and advanced technology, chairman of Masdar and COP28 president, said: “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.
“As one of Europe’s biggest renewable energy transactions in 2024, this investment reflects the UAE’s clear commitment to Greece and Europe’s clean energy development and it represents another major practical step in realizing one of the central goals of the UAE Consensus, to triple global renewable energy capacity by 2030.”
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “We are injecting capital and global expertise to accelerate Terna Energy’s expansion, supporting Greece’s renewable energy ambitions and extending Masdar’s global reach. As a leading European development platform,
“Terna Energy is expected to play an important role in Masdar’s growing portfolio in Greece and Europe. We look forward to completing the transaction and starting to work with Terna Energy’s leadership team to supercharge their ambitious growth plans in support of Greece’s energy transition.”
Georgios Peristeris, chairman and CEO of Gek Terna and executive chairman of Terna Energy, said: “Our agreement with Masdar is a recognition of the great value of Terna Energy and the result of the hard work of hundreds of people for more than 25 years.
“At the same time, it marks the beginning of a new era of even greater growth for Gek Terna Group. It is also a strong vote of confidence for Greece and its prospects.”
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