Masdar, a renewable energy investor and also the name of the zero-energy town outside of Abu Dhabi is buying a Greek renewable energy company Terna Energy for the equivalent of 3.2 Billion Euros, equal to about 67% of the company’s outstanding shares at completion of the transaction. Masdar plans to launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100%.
It is the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.
The deal is expected to provide significant capital investment in Greece and other European countries, supporting Terna’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target. The proposed acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region, and further solidifies Masdar’s role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.
“We are injecting capital and global expertise to accelerate Terna Energy’s expansion, supporting Greece’s renewable energy ambitions and extending Masdar’s global reach.
“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,” says Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.
Established in 1997, Terna is a leading European clean energy platform, with a track record of more than 25 years of delivering innovative and sustainable projects. The company specializes in financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects.
The company has recently announced its growth plan targeting renewable energy operational capacity of 6GW by 2030. With a strong portfolio of projects in Greece and Europe, Terna is the largest investor in the renewables energy sector in Greece.
Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing.
Terna Energy is a Greek renewable energy company that is listed on the Athens Exchange. The company is a subsidiary of Greek conglomerate GEK Terna, which through its subsidiary Heron SA is as well involved in the construction and operation of thermoelectric power generation fuelled with natural gas.
