Abu Dhabi: Abu Dhabi Future Energy Company PJSC – Masdar announced today that it has successfully completed the acquisition of 70% of the outstanding shares of TERNA ENERGY SA from GEK TERNA SA and other shareholders, having received all necessary regulatory approvals. The deal, priced at 20 euros per share, values TERNA ENERGY at an enterprise value of 3.2 billion euros. This transaction represents the largest ever energy deal on the Athens Stock Exchange and ranks among the largest in the EU renewables industry.
According to Emirates News Agency, following the closing of the transaction, Masdar plans to seek regulatory approvals from the Hellenic Capital Markets Commission for the launch of an all-cash mandatory tender offer to acquire the remaining shares of TERNA ENERGY. TERNA ENERGY has been a pivotal player in the renewable energy sector for over two decades, boasting the largest and most diversified portfolio in Greece, along with projects in Bulgaria and Poland.
The company operates clean energy pr
ojects across wind, solar, biomass, and hydro technologies. It is also constructing one of the largest pumped hydro projects in Europe, the 680 MW Amfilochia project. Currently, TERNA ENERGY operates a capacity of 1.2 gigawatts, and the acquisition underscores Masdar’s confidence in the company’s growth potential, aiming for 6 gigawatts by 2029. This acquisition is set to enhance Masdar’s portfolio across Europe as it targets a global capacity of 100 gigawatts by 2030 in support of the energy transition.
Mohamed Jameel Al Ramahi, CEO of Masdar, expressed pride in becoming the majority shareholder of TERNA ENERGY, emphasizing the strategic fit between the two companies. He stated, “Our committed vision and long-term capital will unlock significant opportunities for further growth in TERNA ENERGY’s expansion as it executes on its strategy to support Greece’s renewable energy goals.” He also highlighted the importance of investing in exceptional teams to achieve ambitious targets in the energy sector.
Georgios
Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, remarked that the agreement with Masdar reflects TERNA ENERGY’s leading role in the green energy transition in Greece and southeastern Europe. He voiced optimism about the shared vision with Masdar for clean, affordable, and domestically produced energy, looking forward to potential growth opportunities.
Masdar has engaged Rothschild and Co. as the sole financial advisor, with Simmons and Simmons, Bernitsas Law, and Latham and Watkins serving as legal advisors for the transaction and financing. Meanwhile, GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris as international and Greek legal advisors, respectively, with Morgan Stanley acting as the sole financial advisor to TERNA ENERGY.