- Masdar, the UAE’s clean energy leader, has agreed with GEK TERNA SA to acquire 67 per cent of the company’s outstanding shares initially.
- The proposed acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region.
Masdar, the UAE’s clean energy leader, has announced that it has reached a definitive agreement with GEK Terna SA and other shareholders of Terna Energy SA to acquire initially 67 per cent of the company’s outstanding shares at the completion of the transaction, subject to regulatory approvals and other conditions. With the 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 per cent.
The transaction and subsequent offer value Terna energy’s total equity at 2.4bn euros with an enterprise value of 3.2bn euros, making it the largest energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market.
The deal will 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.
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.
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.
The company has recently announced its growth plan targeting renewable energy operational capacity of 6GW by 2030. With a strong portfolio of projects in Greece and Europe, TERNA ENERGY is the largest investor in the renewables energy sector in Greece.
The transaction is aligned with GEK Terna’s strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe, which will accelerate the Group’s path to a new growth era.
Terna Energy’s Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, will continue in their current roles following the transaction’s completion and support Masdar in leading the company in its next phase of growth.
HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said, as one of Europe’s biggest renewable energy transactions in 2024. This investment reflects the UAE’s commitment to Greece and Europe’s clean energy development.
It represents another major practical step in realizing one of the central goals of the UAE Consensus, which is 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.”