Abu Dhabi Future Energy Company (Masdar) has completed the acquisition of 100% shares in Greece’s Terna Energy.
The acquisition follows the successful completion of an all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30% shares of the company at a price of $22.9 (€20) per share.
Masdar acquired 70% of Terna Energy from GEK TERNA and other shareholders in November 2024, in a deal that gave the company an enterprise value of $3.5 billion (€3.2 billion), marking the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry.
Following the approval from the Hellenic Capital Market Commission, Terna Energy shares will be delisted from the Athens Stock Exchange.
Terna Energy has been a key player in the renewable energy sector in Southeastern and Central Europe for over two and a half decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland and has a solid pipeline of growth opportunities.
Greece’s renewable energy leader owns and operates clean energy projects across wind, solar, biomass and hydro technologies – and is building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project.
Of the company’s total installed capacity of 1,224 MW in Greece and abroad, 102 MW are located in Poland and 30 MW in Bulgaria.
Following the successful completion of the MTO and squeeze-out, Masdar will initiate the process for the company’s delisting from the Athens Stock Exchange, subject to regulatory approval from the Hellenic Capital Market Commission.
Also, in January 2025, Terna Energy teamed up with Motor Oil for the development of first offshore wind farm in Greece.
“With full ownership of all shares, we can fully integrate Terna Energy into our global operations and accelerate the implementation of our shared vision for renewable energy development in Greece and across wider Europe, establishing Terna Energy as our flagship platform in the region.
“Masdar’s long-term capital and global expertise will supercharge Terna Energy, as we target a global clean energy portfolio capacity of 100GW by 2030,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.
