Masdar, the UAE’s leader in clean energy, has announced the completion of its acquisition of 70% of TERNA ENERGY SA, a leading renewable energy company in Greece. The deal, valued at €3.2 billion, was finalised after receiving all necessary regulatory approvals, marking it as the largest energy transaction in the history of the Athens Stock Exchange and one of the biggest deals in Europe’s renewable energy sector.
Masdar acquired the stake from GEK TERNA SA and other shareholders at a price of €20 per share, underscoring its confidence in TERNA ENERGY’s robust growth trajectory. Following the completion of the acquisition, Masdar will proceed with regulatory approvals from the Hellenic Capital Markets Commission (HCNC) to launch a mandatory cash tender offer to acquire the remaining shares of TERNA ENERGY.
TERNA ENERGY, which has been a key player in Greece’s renewable energy market for over two decades, owns and operates a diversified portfolio of clean energy projects. The company is involved in wind, solar, biomass, and hydro technologies, with a total operating capacity of 1.2 gigawatts (GW). Its most significant project is the 680MW Amfilochia pumped hydro project, one of the largest in Europe. The company’s growth ambitions are clear, with a target to reach 6GW of capacity by 2029.
Masdar’s acquisition of TERNA ENERGY aligns with its broader strategy to expand its footprint in Europe and contribute to the global energy transition. With a target of 100GW of global capacity by 2030, Masdar sees TERNA ENERGY as a critical part of its expansion in the European market. Mohamed Jameel Al Ramahi, CEO of Masdar, expressed pride in the acquisition, stating, “Masdar is proud to become the majority shareholder of TERNA ENERGY, bringing together two energy champions. Our long-term capital will unlock significant growth opportunities as TERNA ENERGY executes its strategy in Greece and Europe.”
Al Ramahi also emphasised that Masdar’s strategy is not just focused on acquiring assets but investing in exceptional teams. He reiterated that TERNA ENERGY will be established as one of Masdar’s core regional platforms, vital to achieving its ambitious energy transition goals.
Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, also welcomed the deal, describing it as a reflection of the company’s leadership in Greece’s green energy transition. He added, “We look forward to working together with Masdar towards a future of endless growth possibilities for TERNA ENERGY.”
The transaction was supported by Rothschild & Co. as financial advisor, with Simmons & Simmons, Bernitsas Law, and Latham & Watkins providing legal advice. Meanwhile, GEK TERNA Group was advised by Reed Smith LLP and Potamitis Vekris, with Morgan Stanley acting as the sole financial advisor to TERNA ENERGY.
This acquisition highlights Masdar’s commitment to expanding its renewable energy portfolio globally, particularly in key European markets, and reinforces its position as a major player in the global transition to clean energy. For more information please visit: https://www.masdar.ae
