Masdar to Acquire Majority Stake in Greece’s TERNA ENERGY

Abu Dhabi Future Energy Company PJSC (Masdar), the UAE’s clean energy leader, announced on Thursday that it reached a definitive agreement with GEK TERNA and other shareholders of TERNA ENERGY to initially acquire 67% of the outstanding shares of TERNA ENERGY, the largest renewables investor in Greece, at completion of the transaction at a price of 20.00 euros per share.

According to the press release, after completing the transaction, Masdar will launch an all-cash mandatory tender offer to acquire the remaining outstanding shares, aiming for 100% ownership. This transaction values TERNA ENERGY’s total equity at 2.4 billion euros, with an enterprise value of 3.2 billion euros, making it the largest energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market.

Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, noted, “Our agreement with Masdar is a recognition of the great value of TERNA ENERGY and the result of the hard work of hundreds of people for more than 25 years. At the same time, it marks the beginning of a new era of even greater growth for GEK TERNA Group. It is also a strong vote of confidence for Greece and its prospects. TERNA ENERGY is the leading RES investor in Greece and a key pillar of the national effort to transition to a future with cleaner and cheaper energy for all. A future with greater energy autonomy for our country, based on clean energy that will be produced in our homeland. And we will continue on the same course with even greater power.”

This deal is expected to inject significant capital investment into Greece and other European countries, supporting TERNA ENERGY’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net-zero by 2050 target.

Masdar CEO Mohamed Jameel Al Ramahi in turn commented “We look forward to completing the transaction and starting to work with TERNA ENERGY’s leadership team to supercharge their ambitious growth plans in support of Greece’s energy transition.”

TERNA ENERGY is also expected to play an important role in growing Masdar’s portfolio across Europe as it targets 100 gigawatts (GW) global capacity by 2030 in support of the global energy transition.

HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, commented on the deal, “This investment reflects the UAE’s clear commitment to Greece and Europe’s clean energy development and it represents another major practical step in realizing one of the central goals of the UAE Consensus, to triple global renewable energy capacity by 2030.”