UAE-based renewable energy company Masdar has completed its acquisition of Greece’s Terna Energy, as part of its efforts to strengthen its presence in Europe.
The acquisition was finalised through an all-cash mandatory tender offer (MTO) and a squeeze-out process for the remaining 30% of Terna Energy shares at a rate of €20 per share.
The initial phase of the acquisition saw Masdar securing a 70% stake in the Greek firm from GEK TERNA and other shareholders in November 2024.
This transaction valued Terna Energy at an enterprise value of €3.2bn, marking it as the largest energy deal on the Athens Stock Exchange at the time.
Terna Energy is active in the renewable energy landscape in Southeastern and Central Europe for more than 25 years. The company has a diverse portfolio in Greece, alongside projects in Bulgaria and Poland. Its operations span various clean energy technologies, including wind, solar, biomass, and hydroelectric power. Notably, Terna Energy is developing one of Europe’s largest pumped hydro projects, the 680MW Amfilochia project.
With the acquisition complete, Masdar plans to delist Terna Energy from the Athens Stock Exchange, pending approval from the Hellenic Capital Market Commission.
The acquisition is anticipated to channel substantial capital into Greece and the broader European region, aligning with Greece’s National Energy and Climate Plan (NECP) and the EU’s target for net-zero emissions by 2050.
Georgios Peristeris, Executive Chairman of Terna Energy, along with other senior management, will continue in their roles to guide the company’s future growth alongside Masdar.
Masdar CEO Mohamed Jameel Al Ramahi said: “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. This acquisition underscores Masdar’s commitment to driving the energy transformation in Greece and other European countries.”
For the acquisition process, Masdar enlisted the services of Rothschild & Co. as its sole financial advisor, with legal counsel provided by Simmons & Simmons and Bernitsas Law.
