Last Updated on 24th June 2024
Masdar has signed a definitive agreement with Terna Energy SA to acquire 67% of the company’s outstanding shares. After completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company to reach 100%.
The transaction and subsequent offer valued Terna Energy’s total equity at USD 2.5 billion with an enterprise value of USD 3.43 billion, making it the largest-ever energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market. Recently, Statkraft acquired a major renewable energy company in Spain.
The deal is expected to provide significant capital investment in 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. The proposed acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region.
Established in 1997, Terna Energy 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 projects worldwide.
The company has recently announced its growth plan, targeting a renewable energy operational capacity of 6 GW by 2030. With a strong portfolio of renewable projects in Europe, Terna Energy is the largest investor in Greece's renewable energy sector.
The proposed acquisition is expected to play an important role in growing Masdar’s portfolio in Europe, as it targets 100 GW of global capacity by 2030. It also reflects Masdar’s confidence in Terna Energy's growth potential, as well as the strength of the Greek market and its renewables sector.
The transaction is aligned with GEK Terna’s strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe and will accelerate the group's path to a new growth era.
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