Emirati "Masdar"
"UAE's Masdar" acquires 100% stake in "Terna Energy"
Abu Dhabi Future Energy Company (Masdar), the UAE's clean energy company and one of the world's fastest-growing renewable energy companies, announced its acquisition of 100% of the shares of Greek company Terna Energy following the successful completion of a mandatory all-cash tender offer (MTO), whereby the remaining 30% of the company's shares were acquired at a price of AED 79.4 (€20) per share.
Last November, Masdar acquired 70% of Terna Energy's outstanding shares from GEK Terna SA and other shareholders. The transaction valued Terna Energy at AED 12.62 billion (€3.2 billion), marking the largest energy deal on the Athens Stock Exchange at the time and one of the largest renewable energy deals in the European Union.
Terna Energy has been a leader in the renewable energy sector for over two and a half decades, with the largest and most diverse project portfolio in Greece, as well as projects in Bulgaria and Poland, along with significant growth opportunities. The company owns and operates clean energy projects in wind, solar, biomass, and hydropower. It is developing the 680 MW Amfilochia project, one of the largest hydropower projects in Europe.
The company's projects in Greece and abroad have a total installed capacity of 1,224 MW, including 102 MW in Poland and 30 MW in Bulgaria. Terna Energy continues to develop its 197 MW photovoltaic (PV) portfolio currently under construction in Greece and Bulgaria. Following the successful completion of the acquisition, Masdar will proceed with the delisting of the company from the Athens Stock Exchange, subject to regulatory approvals from the Hellenic Capital Markets Authority.
This transaction will contribute to significant investments in Greece and other EU countries, strengthening the company's contribution to supporting Greece's National Energy and Climate Plan and the European Union's goal of achieving climate neutrality by 2050.
This transaction reflects Masdar's ambitious investment plans in the region and strengthens its role as a trusted global partner to governments, investors, developers, and communities worldwide, contributing to a qualitative shift in energy systems. Georgios Peristeris, the company's Executive Chairman, and the current management team will continue to oversee Terna Energy and support Masdar in developing the company's activities over the coming period.
On this occasion, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “The full acquisition of Terna Energy will integrate its activities into Masdar’s operations, expand our global project portfolio, and support our efforts to develop the renewable energy sector in Greece and Europe. Terna Energy will represent a leading regional platform for Masdar.
Masdar’s long-term investments and global expertise will enhance Terna Energy’s leadership and advance Masdar’s ambition to increase its global project portfolio’s total capacity to 100 gigawatts by 2030. This transaction also reflects Masdar’s commitment to playing a significant role in transforming the energy sector in Greece and other European countries.
For his part, Georgios Peristeris, Chairman and CEO of GEK Terna and Chairman of the Executive Board of Terna Energy, said: “The completion of Masdar’s acquisition of Terna Energy represents a full merger between the two companies. Both parties are committed to providing clean, affordable, and locally produced energy, which will serve as a strong foundation for accelerated growth.
By joining Masdar's global portfolio, Terna Energy will strengthen its leading position in the renewable energy sector in Greece and the region as a whole. Regarding the acquisition, Masdar has appointed Rothschild & Co. as sole financial advisor, and Simmons & Simmons and Pernitsas Law Firm as legal advisors.
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