Masdar, has finalised the acquisition of a 70% stake in Terna Energy SA from GEK TERNA SA and other shareholders, following the receipt of all necessary regulatory approvals. The transaction, priced at €20 per share, values Terna Energy at an enterprise value of €3.2 billion, marking the largest energy deal in the history of the Athens Stock Exchange and one of the most significant in the European renewables sector.
Established in 1997, Terna Energy has been a pivotal player in the renewable energy industry, operating a diverse portfolio that includes wind, solar, biomass and hydroelectric projects across Greece, Bulgaria and Poland. The company currently manages 1.2 gigawatts (GW) of operational capacity and is developing the 680-megawatt Amfilochia pumped hydro project, one of Europe’s largest. Terna Energy aims to expand its capacity to 6 GW by 2029.
“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,” stated Mohamed Jameel Al Ramahi, CEO of Masdar.
This acquisition aligns with Masdar’s strategic objective to achieve a global renewable energy capacity of 100 GW by 2030. By integrating Terna Energy into its portfolio, Masdar enhances its presence in the European market, contributing to the EU’s goal of net-zero emissions by 2050.
Following the completion of this transaction, Masdar plans to seek regulatory approval from the Hellenic Capital Markets Commission to initiate an all-cash mandatory tender offer for the remaining shares of Terna Energy, with the intention of acquiring full ownership.
Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of Terna Energy, remarked, “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.”
