Abu Dhabi Future Energy Company (Masdar) has successfully completed the 100 per cent acquisition of Terna Energy.
Masdar acquired 70 per cent of Terna Energy from GEK Terna SA and other shareholders in November last year for an enterprise value of 3.2 billion euros ($3.56 billion). It has now completed an all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 per cent shares of the company at a price of 20 euros ($22.24) per share.
Masdar finalises Terna takeover
Terna Energy has been a key player in the renewable energy sector in Southeastern and Central Europe for over two and a half decades. It holds the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland.
It 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. It has a total installed capacity of 1,224 MW in Greece and abroad, is currently constructing 197 MW of photovoltaic (PV) projects in Greece and Bulgaria.
Masdar will now initiate the process of delisting the company from the Athens Stock Exchange.
The transaction is expected to provide significant capital investment in Greece and wider Europe, supporting the company’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented: “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 it 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. This acquisition underscores Masdar’s commitment to driving the energy transformation in Greece and other European countries.”
The company’s Executive Chairman, Georgios Peristeris, and other members of the senior management team will continue in their current leadership roles.
Peristeris said: “The successful completion of Terna Energy’s acquisition by Masdar marks the full integration of the two companies. Our shared commitment to clean, affordable, and domestically produced energy creates a powerful foundation for accelerated growth.
“As part of Masdar’s global family, Terna Energy is well-positioned to expand its leadership in the renewable energy sector in Greece and the wider region.”
The acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region, and further solidifies the Abu Dhabi-based clean energy company’s role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.
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