United Arab Emirates-based renewable energy company Masdar has signed an agreement with GEK Terna and other shareholders of Terna Energy to acquire 67% of Terna Energy’s outstanding shares.
The move is subject to regulatory approvals and customary closing conditions.
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Post-completion, Masdar plans to launch an all-cash tender offer to acquire the remaining shares.
The latest deal and the subsequent offer take the value of Terna Energy’s complete equity to €2.4bn ($2.5bn), with an enterprise value of €3.2bn.
The transaction will be the largest energy deal on the Athens Stock Exchange and one of the largest in the European renewables market.
The acquisition is expected to inject substantial capital into Greece and other European nations, bolstering Terna Energy’s role in achieving Greece’s National Energy and Climate Plan and the EU’s 2050 net zero target.
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By GlobalDataTerna Energy, established in 1997, is a leading player in the European clean energy sector, focusing on wind, solar, hydroelectric and pumped storage projects.
The company’s recent growth plan targets a renewable energy operational capacity of 6GW by 2030.
For Masdar, the acquisition is a strategic step towards expanding its European portfolio and reaching its goal of 100GW global capacity by 2030.
The transaction aligns with the strategy of GEK Terna, aiming to lead as a diversified infrastructure group in Greece and southeastern Europe.
Terna Energy’s leadership, including executive chairman Georgios Peristeris and CEO Emmanuel Maragoudakis, will remain in place to guide the company through its next growth phase alongside Masdar.
Masdar CEO Mohamed Jameel Al Ramahi stated: “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 [its] leadership team to supercharge their ambitious growth plans in support of Greece’s energy transition.”
In June 2024 Masdar and SOCAR, the state oil company of Azerbaijan, began construction of three solar and wind projects in Azerbaijan.
