Masdar completes Terna Energy acquisition
Emirati state-owned renewable energy project developer Masdar has acquired a majority stake in Greek renewable power firm Terna Energy.
Image for illustration purposes.
UAE/Greece: Emirati state-owned renewable energy project developer Masdar has acquired a majority stake in Greek renewable power firm Terna Energy. According to Masdar, the acquisition was the largest ever transaction on the Athens stock exchange. Masdar acquired 70% of Terna Energy’s outstanding shares at €20 ($21.1) per share, giving the company an enterprise value of €3.2 billion ($3.37 billion). Acquisition plans were first announced in June, when Masdar said it would acquire 67% of the shares.
Terna Energy operates 1.2 GW of solar, wind, biomass, and hydro projects, mostly in Greece, but the company also has assets in Poland and Bulgaria. It aims to reach 6 GW of operational capacity by 2029.
“Masdar’s acquisition strategy has focused on acquiring not just assets but investing in exceptional teams. Our ambition is to establish Terna Energy as one of our core regional platforms that will help us deliver on our ambitious targets,” Mohamed Jameel Al Ramahi, CEO of Masdar, said.
Masdar aims to have 100 GW of renewable assets worldwide by 2030. Together with the gigawatt-scale contracts secured in the Middle East and North Africa, such as the 6 GW cluster of contracts signed in Egypt last week, the company has expanded into central Asia and Southeastern Europe.
Source: PV Tech
