The United Arab Emirates-based Abu Dhabi Future Energy Company (Masdar) has completed the 100% acquisition of TERNA ENERGY, a key player in the renewable energy sector in southeastern and central Europe.
The acquisition, part of Masdar’s European expansion strategy, was finalised through an all-cash mandatory tender offer and squeeze-out process for the remaining 30% shares at €20 ($22.1) per share.
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The deal aligns with Masdar’s global clean energy portfolio target of 100GW by 2030.
Masdar acquired 70% of TERNA ENERGY from GEK TERNA and other shareholders in November 2024.
The deal valued the company at €3.2bn – the largest energy transaction on the Athens Stock Exchange at the time and one of the largest in the EU renewables industry.
Masdar CEO Mohamed Jameel Al Ramahi stated: “With full ownership of all shares, we can fully integrate TERNA ENERGY into our global operations and accelerate the implementation of our shared vision for renewable energy development in Greece and across wider Europe, establishing TERNA ENERGY as our flagship platform in the region.
“Masdar’s long-term capital and global expertise will supercharge TERNA ENERGY, as we target a global clean energy portfolio capacity of 100GW by 2030. This acquisition underscores Masdar’s commitment to driving the energy transformation in Greece and other European countries.”
TERNA holds a diverse renewable energy portfolio in Greece, Bulgaria and Poland. It operates clean energy projects across wind, solar, biomass and hydro technologies, including the 680MW Amfilochia pumped hydro project.
The company has a total installed capacity of 1,224MW, with 102MW in Poland and 30MW in Bulgaria. It is also developing 197MW of photovoltaic projects in Greece and Bulgaria.
TERNA ENERGY executive chairman and GEK TERNA chairman and CEO Georgios Peristeris stated: “The successful completion of TERNA ENERGY’s acquisition by Masdar marks the full integration of the two companies.
“Our shared commitment to clean, affordable and domestically produced energy creates a powerful foundation for accelerated growth. As part of Masdar’s global family, TERNA ENERGY is well-positioned to expand its leadership in the renewable energy sector in Greece and the wider region.”
Masdar plans to delist TERNA ENERGY from the Athens Stock Exchange, pending regulatory approval.
The transaction brings significant capital investment to Greece and Europe, supporting Greece’s National Energy and Climate Plan and the EU’s net zero target by 2050.
Masdar retained Rothschild & Co as its sole financial advisor and Simmons & Simmons and Bernitsas Law as legal advisors for the transaction.
Through its subsidiary Saeta, Masdar recently completed the acquisition of the Valle Solar project, one of the largest solar photovoltaic projects in Spain’s Valencia region.
