Masdar to acquire 67% stake in Greek renewable energy firm Terna Energy

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s leading clean energy firm, has announced a definitive agreement to acquire 67% of Terna Energy SA’s outstanding shares, valued at 2.4 billion euros. This acquisition, subject to regulatory approvals and other conditions, marks a historic moment as the largest ever energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market.

Upon completion of this initial transaction, Masdar plans to launch an all-cash mandatory tender offer to acquire the remaining outstanding shares of Terna Energy, with the goal of obtaining full ownership. The deal places Terna Energy’s enterprise value at 3.2 billion euros and involves significant capital investment in Greece, supporting the country’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target.

Founded in 1997, Terna Energy is a prominent clean energy platform in Europe with a 25-year track record in renewable energy projects, including wind, solar, hydroelectric, and pumped storage. The company’s recent growth plan aims to increase its renewable energy operational capacity to 6GW by 2030, reinforcing its position as the largest investor in Greece’s renewable energy sector.

Terna Energy’s existing management, including Executive Chairman Georgios Peristeris and CEO Emmanuel Maragoudakis, will continue in their roles, supporting Masdar in the strategic growth of the company. The acquisition is expected to play a pivotal role in Masdar’s ambition to expand its global clean energy portfolio to 100GW by 2030.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, expressed the strategic importance of this deal, 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.”

This acquisition not only signifies Masdar’s aggressive growth strategy in the renewable energy domain but also highlights the burgeoning potential of the Greek and broader European renewable energy markets. It exemplifies a strategic alignment with global energy transition goals, offering significant economic and environmental benefits.