Masdar Completes Acquisition of TERNA ENERGY

Abu Dhabi Future Energy Company PJSC (Masdar), the UAE’s clean energy leader, has announced that it has completed the acquisition of 70% of the outstanding shares of Greek renewable energy firm TERNA ENERGY from GEK TERNA SA (GEKTERNA.AT) and other shareholders, and received all regulatory approvals.

The deal, agreed at a price of $21.14 per share, valued TERNA ENERGY at an enterprise value of $3.38 billion, Masdar, in which Abu Dhabi National Energy Company (TAQA) holds a 43% shareholding, said in a regulatory filing with Abu Dhabi Securities (ADX).

Following the closing of the transaction, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission, for the launch of an all-cash mandatory tender offer to acquire the outstanding shares of TERNA ENERGY.

TERNA ENERGY has been a key player in the renewable energy sector for over two decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland.

The company owns and operates clean energy projects across wind, solar, biomass and hydro technologies – Greece’s renewable energy leader is also building one of the largest pumped hydro projects in Europe, the 680 MW Amfilochia project.

With TERNA ENERGY currently operating a capacity of 1.2 GW, the acquisition reflects Masdar’s confidence in the company’s impressive growth potential, targeting 6 GW by 2029. TERNA ENERGY will play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.

Opportunities Aplenty

Masdar CEO Mohamed Jameel Al Ramahi said that the deal brought together two energy champions and their committed vision and long-term capital will unlock significant opportunities for further growth in TERNA ENERGY’s expansion as it executes on its strategy to support Greece’s renewable energy goals.

“Masdar’s acquisition strategy has focused on acquiring not just assets, but investing in exceptional teams. Our ambition is to establish TERNA ENERGY as one of our core regional platforms that will help us deliver on our ambitious targets,” he added.

GEK TERNA Chairman and CEO Georgios Peristeris said that the agreement is a reflection of TERNA ENERGY’s unparalleled leading role in the green energy transition in Greece as well as in South Eastern Europe, a result of their consistent and tireless efforts over the last 25 years to create the largest and fastest growing clean energy platform in our country.

“Sharing the same vision with Masdar for clean, affordable and domestically produced energy, we look forward to working together towards a future of endless growth possibilities for TERNA ENERGY,” he added.