Masdar Completes Acquisition of Terna Energy to Drive Growth in Greece and Eastern Europe

Masdar Completes Acquisition of Terna Energy

Masdar, the leader in clean energy from the UAE, has successfully finalized the acquisition of a 70% stake in Terna Energy, becoming the majority shareholder of Greece’s clean energy champion. This strategic move marks a significant milestone in the energy sector, previously noted as the largest transaction ever conducted on the Athens Stock Exchange, valuing Terna Energy at an enterprise value of €3.2 billion. The acquisition highlights Masdar's commitment to expanding its renewable energy footprint in Europe, specifically targeting a total installed capacity of 100 GW by 2030.

Upon closing the deal, Masdar plans to seek the necessary regulatory approvals from the Hellenic Capital Markets Commission for a mandatory cash public offer to acquire the remaining shares of Terna Energy. This acquisition is seen as a strong investment in long-term capital and global expertise that will assist Terna Energy in achieving its ambitious growth plans. The company aims for a renewable energy capacity of 6 GW by 2029, supporting the energy transition in Greece and Eastern Europe.

Terna Energy has established itself as a key player in renewables over the past two decades, boasting a diverse project portfolio that includes significant initiatives in solar, wind, biomass, and hydropower. Among its essential projects is the Amfilochia Pumped Storage Hydropower Plant, one of the largest of its kind in Europe, set to have a capacity of 680 MW. Currently, Terna Energy operates a capacity of 1.2 GW and is well-positioned to scale significantly with Masdar's backing.

Mohamed Jameel Al Ramahi, CEO of Masdar, expressed pride in becoming Terna Energy's majority shareholder, stating, "We are thrilled to be backing Terna Energy in its mission to support Greece’s renewable energy objectives. Our long-term investment strategy will undoubtedly open substantial growth opportunities."

The partnership with Terna Energy reflects Masdar’s broader strategic goal of not solely acquiring assets but also investing in exceptional teams to fulfill ambitious regional objectives. This collaboration aims to unlock limitless growth potential while enhancing the energy landscape in the region.

Georgios Peristeris, CEO of GEK TERNA and Executive Chairman of Terna Energy, commented on the agreement, stating, "Our alliance with Masdar underscores Terna Energy's unmatched leadership role in the green energy transition within Greece and Southeast Europe, borne from our relentless efforts over the past 25 years to establish the most significant and rapidly growing clean energy platform in our country."

Masdar has tapped Rothschild & Co. as its exclusive financial advisor, alongside legal firms Simmons & Simmons, Bernitsas Law, and Latham & Watkins. On the other side, GEK TERNA received support from Reed Smith LLP and Potamitis Vekris for legal advice, while Morgan Stanley served as the financial advisor for Terna Energy.

Masdar’s efforts highlight its vital role as a pioneer in renewable energy, having invested in and developed projects across over 40 countries with a combined capacity exceeding 31.5 GW. This aligns with its broader goal to lead in green hydrogen production by 2030. As Masdar and Terna Energy join forces, they lay the foundation for a sustainable energy future, aiming for a clean and affordable energy landscape driven by local production.

For more information, visit Masdar’s website or follow them on social media at facebook.com/masdar.ae and twitter.com/masdar.

About Masdar

Masdar, part of Abu Dhabi Future Energy Company, is a pioneering force in renewable energy. Founded in 2006, it focuses on solar, wind, hydrogen, and battery storage technologies and is committed to making clean energy accessible around the globe. Its ambitious goals include establishing a renewable energy portfolio of 100 GW by 2030, contributing to net-zero ambitions worldwide.

About Terna Energy

With a presence in the renewable energy sector for over twenty years, Terna Energy holds Greece’s most extensive project portfolio, with 2,500 MW either operational, under construction, or ready for development. The company consistently pursues investments to reach a total installed capacity of 6 GW by 2029.