Masdar (UAE) Acquires Greece’s Terna Energy for More than €3 Billion

Masdar, an Abu Dhabi-based United Arab Emirates company, active in renewable energy, has signed an agreement under which it will complete the acquisition of a majority stake in Greek company Terna Energy for 3.2 billion euros.

The agreement was signed with Gek Terna, a conglomerate operating in various business sectors ranging from construction to real estate, mining and energy through its Terna Energy unit; 67% of the latter’s shares will pass into the hands of Masdar at the end of the operation, which will subsequently announce a mandatory cash offer to purchase all remaining shares. Masdar is owned by Abu Dhabi and Mubadala National Energy Company and currently operates in 40 countries.

“The total value of the transaction and subsequent equity offering of Terna Energy is €2.4 billion, and the enterprise value is €3.2 billion, making it the largest energy transaction ever conducted on the Athens Stock Exchange and one of the largest in the European renewable energy market,” Masdar wrote in a statement.

Through this operation, the Emirati company will invest extensively in Greece and in Europe in general, maintaining business continuity, as evidenced by the fact that Executive President Georgios Peristeris and CEO Emmanuel Maragoudakis will continue in their current positions.

“Today marks an important milestone in Masdar’s strategy to expand its portfolio to 100 GW of clean energy by 2030 and will make a significant contribution to Greece’s renewable energy potential. This investment, one of the largest renewable energy deals in Europe in 2024, reflects the UAE’s clear commitment to clean energy development in Greece and Europe and represents another important concrete step in implementing one of the UAE’s central consensus goals: tripling global renewable energy capacity by 2030,” commented Sultan Al Jaber, UAE Minister of Industry and Advanced Technology.