Masdar Sings Multi-Billion Dollar Deal to Acquire Greece’s Terna Energy

Thursday, June 20, 2024

Abu Dhabi Future Energy Company (Masdar) has reached a definitive agreement with GEK TERNA and other shareholders to acquire Greece’s Terna Energy in a $3.44 billion (€3.2 billion) deal, representing one of Europe’s biggest renewable energy transactions in 2024.

Masdar signed an agreement with to acquire initially 67% of the Terna Energy’s outstanding shares at completion of the transaction, subject to regulatory approvals and other conditions.

After 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%.

The transaction and subsequent offer values Terna Energy’s total equity at $2.58 billion (€2.4 million) with an enterprise value of $3.44 billion (€3.2 billion), making it the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.

The deal is expected to 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.

Established in 1997, Terna Energy has 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 proposed acquisition is expected to play an important role in growing Masdar’s portfolio in Europe as it targets 100 GW global capacity by 2030. It also reflects Masdar’s confidence in Terna Energy's growth potential, as well as the strength of the Greek market and its renewables sector.

The transaction is aligned with Gek Terna’s strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe and will accelerate the Group's path to a new growth era.

Demonstrating continuity in leadership, Terna Energy’s Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, will continue in their current roles following completion of the transaction and support Masdar in leading the company in its next phase of growth.

“We are injecting capital and global expertise to accelerate Terna Energy’s expansion, supporting Greece’s renewable energy ambitions and extending Masdar’s global reach.

“As a leading European development platform, Terna Energy is expected to play an important role in Masdar’s growing portfolio in Greece and Europe,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.

“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. A future with greater energy autonomy for our country, based on clean energy that will be produced in our homeland. And we will continue on the same course with even greater power,” added Georgios Peristeris, Chairman and CEO of Gek Terna, and Executive Chairman of Terna Energy.

Categories: Mergers & Acquisitions Renewable Energy Industry News Activity Europe Offshore Wind

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