Masdar, a leading clean energy company, has entered into a definitive agreement to acquire 67 per cent of Terna Energy SA’s outstanding shares. This initial investment is part of Masdar’s plan to eventually acquire a total of 100 per cent of the company. The deal values Terna Energy’s total equity at €2.4 billion and the enterprise value at €3.2 billion, making it the largest energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market.
The acquisition is a significant move that is expected to bring substantial capital investment to Greece and other European countries. It will support Terna Energy’s contribution to Greece’s National Energy and Climate Plan, as well as the EU’s goal of achieving net zero emissions by 2050. The transaction demonstrates Masdar’s commitment to its growth plans in the region and solidifies its role as a global partner in the energy transition for governments, investors, developers, and communities worldwide.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and chairman of Masdar, emphasized the importance of this investment in expanding Masdar’s clean energy portfolio to 100GW by 2030. He highlighted that the deal reflects the UAE’s commitment to Greece and Europe’s clean energy development and aligns with the UAE Consensus goal of tripling global renewable energy capacity by 2030. This deal paves the way for new industries, jobs, and low-carbon economic development.
Mohamed Jameel Al Ramahi, CEO of Masdar, expressed the company’s enthusiasm for injecting capital and expertise to accelerate Terna Energy’s expansion and support Greece’s renewable energy goals. Masdar aims to collaborate with Terna Energy’s leadership team to enhance their growth plans and contribute to Greece’s energy transition. Georgios Peristeris, chairman and CEO of GEK Terna and Executive Chairman of Terna Energy, expressed pride in the value of Terna Energy and the growth opportunities this agreement presents for both parties.
Masdar has enlisted Rothschild & Co. as its financial advisor and legal advisors such as Simmons & Simmons, Bernitsas Law, and Latham & Watkins for the transaction and financing. GEK Terna Group has been supported by Reed Smith LLP and Potamitis Vekris as their legal advisors, with Morgan Stanley serving as Terna Energy’s financial advisor. This comprehensive support from respected financial and legal entities underscores the significance of the Masdar’s acquisition of Terna Energy and its impact on the renewable energy market.
