Masdar has successfully completed the acquisition of 70% of the outstanding shares in Terna Energy from GEK Terna and other shareholders, and received all regulatory approvals.
The deal, agreed at a price of €20 per share, valued Terna Energy at an enterprise value of €3.2bn, representing the largest-ever energy transaction on the Athens Stock Exchange, and one of the largest in the EU renewables industry, Masdar said.
Following the closing of the transaction, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission, for the launch of an all-cash mandatory tender offer to acquire the outstanding shares of Terna Energy.
Terna Energy owns and operates clean energy projects across wind, solar, biomass and hydro technologies – Greece’s renewable energy leader is also building one of the largest pumped hydro schemes in Europe, the 680MW Amfilochia plant.
With Terna currently operating a capacity of 1.2GW, the acquisition reflects Masdar’s confidence in the company’s impressive growth potential, targeting 6GW by 2029, it said.
Masdar chief executive Mohamed Jameel Al Ramahi said: “Masdar is proud to become the majority shareholder of Terna Energy, bringing together two energy champions.
“Our committed vision and long-term capital will unlock significant opportunities for further growth in Terna Energy’s expansion as it executes on its strategy to support Greece’s renewable energy goals.
“Masdar’s acquisition strategy has focused on acquiring not just assets, but investing in exceptional teams.
“Our ambition is to establish Terna Energy as one of our core regional platforms that will help us deliver on our ambitious targets.”
Chairman and chief executive of GEK Terna, and executive chairman of Terna Energy, Georgios Peristeris said: “Our agreement with Masdar is a reflection of Terna Energy’s unparalleled leading role in the green energy transition in Greece as well as in southeastern Europe, a result of our consistent and tireless efforts over the last 25 years to create the largest and fastest growing clean energy platform in our country.
“Sharing the same vision with Masdar for clean, affordable and domestically produced energy, we look forward to working together towards a future of endless growth possibilities for Terna Energy.”