Masdar Acquires Full Control of Terna Energy to Boost Clean Energy Growth in Europe

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s leading clean energy company, has officially acquired 100% ownership of Greece-based TERNA ENERGY SA, completing a landmark €3.2 billion transaction in the European renewables sector.

The acquisition follows the successful closure of an all-cash mandatory tender offer (MTO) and a subsequent squeeze-out process for the remaining 30% of shares at €20 per share. Masdar had initially acquired a 70% stake in TERNA ENERGY in November 2023 from GEK TERNA SA and other shareholders. At the time, the deal marked the largest energy transaction on the Athens Stock Exchange and one of the most significant within the EU renewable energy space.

TERNA ENERGY is Greece’s largest renewable energy company and a major player in Southeast and Central Europe. It operates a diversified clean energy portfolio across wind, solar, biomass, and hydro power technologies. Its current installed capacity stands at 1,224 megawatts (MW), including 102 MW in Poland and 30 MW in Bulgaria. The company is also constructing 197 MW of photovoltaic (PV) projects in Greece and Bulgaria and is building one of Europe’s largest pumped hydro projects – the 680MW Amfilochia project.

Masdar plans to begin the delisting process of TERNA ENERGY from the Athens Stock Exchange, pending regulatory approval from the Hellenic Capital Market Commission.

“This acquisition underscores Masdar’s commitment to driving the energy transformation in Greece and Europe,” said Masdar CEO Mohamed Jameel Al Ramahi. “With full ownership, we will accelerate the integration of TERNA ENERGY into our global platform, aiming to scale our clean energy portfolio to 100GW by 2030.”

Georgios Peristeris, Executive Chairman of TERNA ENERGY and Chairman and CEO of GEK TERNA, confirmed that TERNA’s existing management team will remain in place. “Our shared commitment to clean, affordable, and domestically produced energy will fuel our next phase of growth as part of Masdar’s global network.”

The acquisition aligns with the EU’s net-zero emissions target by 2050 and supports Greece’s National Energy and Climate Plan (NECP). It is expected to unlock significant capital investment across Greece and broader Europe.

Masdar retained Rothschild & Co. as financial advisor, while Simmons & Simmons and Bernitsas Law served as legal advisors on the deal.