Masdar has completed the full acquisition of Greek renewables company Terna Energy.
The UAE outfit has picked up a remaining 30% stake in the business following up on a 70% share purchase from Gek Terna and other shareholders in November 2024.
The deal values Terna Energy at €3.2bn and Masdar will now begin the process of delisting the company from the Athens stock exchange, subject to regulatory approvals.
Terna owns the largest renewables portfolio in Greece and has further assets in Bulgaria and Poland, with a solid pipeline for growth opportunities, according to Masdar.
It has 1.2GW of installed capacity in Greece across wind, solar, biomass and hydropower and is currently building the 680MW Amfilochia pumped hydro scheme. Around 197MW of solar PV projects are currently in construction in Greece and Bulgaria.
Terna chief executive Georgios Peristeris and other senior leadership personnel will be staying on in their roles.
Peristeris said: “The successful completion of Terna Energy’s acquisition by Masdar marks the full integration of the two companies. Our shared commitment to clean, affordable, and domestically produced energy creates a powerful foundation for accelerated growth.
“As part of Masdar’s global family, Terna is well-positioned to expand its leadership in the renewable energy sector in Greece and the wider region.”
Masdar chief executive Mohamed Jameel Al Ramahi added: “With full ownership of all shares, we can fully integrate Terna Energy into our global operations and accelerate the implementation of our shared vision for renewable energy development in Greece and across wider Europe, establishing Terna as our flagship platform in the region.
“Masdar’s long-term capital and global expertise will supercharge Terna Energy as we target a global clean energy portfolio capacity of 100GW by 2030.
“This acquisition underscores Masdar’s commitment to driving the energy transformation in Greece and other European countries.”