Masdar Acquires 70% of TERNA ENERGY in Record EU Renewables Deal

Masdar, the UAE’s clean energy leader, has announced the successful acquisition of 70% of TERNA ENERGY SA, a major player in the renewable energy sector in Greece, valued at an enterprise value of 3.2 billion euros. The acquisition, which was completed at 20 euros per share, represents the largest energy transaction ever on the Athens Stock Exchange and one of the largest in the EU renewables industry.

Following the acquisition, Masdar will seek approval from the Hellenic Capital Markets Commission (HCNC) to launch an all-cash mandatory tender offer (MTO) to acquire the remaining shares of TERNA ENERGY.

TERNA ENERGY, with over 20 years of experience, owns Greece’s largest and most diversified renewable energy portfolio. The company operates wind, solar, biomass, and hydroelectric projects, and is currently constructing one of Europe’s largest pumped hydro projects, the 680 MW Amfilochia project. TERNA ENERGY operates 1.2 gigawatts (GW) of renewable energy capacity and is targeting 6GW by 2029.

This acquisition underscores Masdar’s commitment to expanding its renewable energy portfolio in Europe as part of its global strategy to reach 100GW of renewable energy capacity by 2030. Masdar’s CEO, Mohamed Jameel Al Ramahi, expressed confidence in TERNA ENERGY’s growth potential, highlighting the company’s role in supporting Greece’s renewable energy goals and reinforcing Masdar’s long-term vision of sustainable energy growth.

Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, welcomed the deal, emphasizing TERNA ENERGY’s leadership in the green energy transition in Greece and southeastern Europe. He noted that the partnership with Masdar would unlock significant growth opportunities for TERNA ENERGY, aligning with both companies’ shared vision for clean and affordable energy.

The acquisition of TERNA ENERGY will strengthen Masdar’s position in the European renewable energy market and further its global efforts to drive the energy transition.