MENA Newswire News Desk: Abu Dhabi Future Energy Company PJSC (Masdar) has finalized the acquisition of a 70% stake in TERNA ENERGY SA, a leading renewable energy firm, marking a milestone for the EU’s renewable energy sector. The deal, which was completed following regulatory approvals, values TERNA ENERGY at €3.2 billion, representing the largest energy transaction in the history of the Athens Stock Exchange. The agreement, set at €20 per share, underscores Masdar’s commitment to expanding its renewable energy footprint in Europe.
The acquisition includes shares purchased from GEK TERNA SA and other shareholders. As part of the next steps, Masdar plans to secure regulatory clearance from the Hellenic Capital Markets Commission (HCNC) to launch a mandatory tender offer for the remaining shares of TERNA ENERGY. TERNA ENERGY has been a leader in renewable energy for over 25 years, operating the largest and most diversified clean energy portfolio in Greece. Its assets include wind, solar, biomass, and hydroelectric projects across Greece, Bulgaria, and Poland.
Among its flagship developments is the 680 MW Amfilochia pumped hydro project, one of Europe’s largest. Currently, TERNA ENERGY operates 1.2 GW of renewable capacity, with a target to expand to 6 GW by 2029, aligning closely with Masdar’s strategy to achieve 100 GW globally by 2030.
Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized the significance of the partnership, stating: “We are proud to become the majority shareholder of TERNA ENERGY. Our long-term vision and capital investment will unlock further growth opportunities for TERNA ENERGY, enabling us to advance Greece’s renewable energy objectives while supporting the global energy transition.” He further noted the importance of TERNA ENERGY’s management team, highlighting plans to make the company a key regional platform for Masdar’s European operations.
Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, echoed this sentiment, describing the agreement as a testament to TERNA ENERGY’s leadership in clean energy in southeastern Europe. “This partnership with Masdar reflects our shared vision for sustainable, affordable, and locally produced energy. We look forward to a future of growth and innovation for TERNA ENERGY,” he stated.
Advisors on the transaction included Rothschild & Co., Simmons & Simmons, Bernitsas Law, and Latham & Watkins for Masdar. GEK TERNA received advisory support from Reed Smith LLP and Potamitis Vekris, with Morgan Stanley serving as the sole financial advisor to TERNA ENERGY. This acquisition cements Masdar’s role as a significant player in Europe’s renewable energy market and underscores its dedication to advancing global clean energy goals.