Masdar makes $3.4bn swoop for Terna in one of Europe’s largest renewable energy deals
Leading Greek renewables developer has built projects in several European countries
UAE green giant Masdar says it has entered one of the largest deals in EU renewables history by agreeing a €3.2bn ($3.4bn) purchase of Greece’s Terna Energy.
Masdar announced today that it has reached a “definitive agreement” with utility GEK Terna and other Terna Energy shareholders to buy an initial 67% stake in the company, subject to approvals.
After completion of the transaction, Masdar said it 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 deal value’s Terna Energy at €2.4bn with an enterprise value of €3.2bn, which Masdar said makes it the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.
“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 Masdar chair Sultan Al Jaber, who is also the UAE minister of industry and advanced technology.
“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.”
Al Jaber, who recently served as COP28 president in Dubai, continued that it is also “another major practical step in realizing one of the central goals of the UAE Consensus, to triple global renewable energy capacity by 2030.”
Masdar said the deal will provide significant capital investment in Greece and other European countries, supporting the net zero goals of Greece and the EU as a whole.
Terna Energy has developed renewables projects in several European countries and recently announced its growth plan targeting renewable energy operational capacity of 6GW by 2030.
Georgios Peristeris, Chairman and CEO of GEK Terna and executive chair of Terna Energy, said the agreement is a “strong vote of confidence for Greece and its prospects.”
“Terna Energy is the leading RES investor in Greece and a key pillar of the national effort to transition to a future with cleaner and cheaper energy for all.”
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