Masdar to acquire nearly 70% stake in Greece’s Terna Energy

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, announced on Thursday that it has reached a definitive agreement with GEK TERNA SA and other shareholders of Terna Energy SA, with the intention to acquire initially 67% of the company’s outstanding shares at completion of the transaction, according to media reports.

After completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100%, the company said in a statement.

The transaction and subsequent offer values Terna Energy’s total equity at 2.4 billion euros with an enterprise value of 3.2 billion euros, making it the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.

The deal is expected to provide significant capital investment in Greece and other European countries, supporting Terna Energy’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target, Masdar said.

The proposed acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region, and further solidifies Masdar’s role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.

“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,” said H.E. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President.

“As one of Europe’s biggest renewable energy transactions in 2024, this investment reflects the UAE's clear commitment to Greece and Europe's clean energy development and it represents another major practical step in realizing one of the central goals of the UAE Consensus, to triple global renewable energy capacity by 2030. In short, this deal underlines the smart growth opportunities of a responsible and orderly energy transition stimulating new industries, new jobs and low carbon economic development,” he added.

Established in 1997, Terna Energy is a leading European clean energy platform, with a track record of more than 25 years of delivering innovative and sustainable projects. The company specializes in financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects.

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