Masdar subsidiary Terna Energy has completed its delisting from the Athens Stock Exchange, following Masdar’s acquisition of 100% of the company’s stock.
As Greece’s largest renewables company, Terna Energy is now expected to play a key role in enhancing Masdar’s portfolio in Europe.
The UAE outfit picked up a remaining 30% stake in the Greek renewable energy business last month, following up on a 70% share purchase from Gek Terna and other shareholders in November 2024.
A Masdar leadership delegation toured Terna Energy’s Athens headquarters and met employees from across the organisation to discuss plans for the future.
The Masdar leaders held strategic discussions with Terna Energy executive chairman Georgios Peristeris, centred on Masdar’s strategy to expand the business and accelerate renewable energy growth in south-eastern and central Europe.
Masdar chairman Sultan Al Jaber said: “Bringing Terna Energy into the Masdar family strengthens our position in Greece and the wider region, enabling us to expediate the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets.
“This acquisition also demonstrates the commitment of both the UAE and Masdar to bringing affordable, secure and sustainable energy to all.”
Through the acquisition, Masdar will simultaneously support Greece’s National Energy and Climate Plan, the EU’s ambition to reach net zero emissions by 2050, and advance its own global target of achieving 100GW of clean energy capacity by 2030.
Terna Energy is targeting an operational portfolio capacity of 6GW by 2030.
Masdar chief executive Mohamed Jameel Al Ramahi said: “With Terna Energy now delisted from the Athens Stock Exchange, we can maximise and leverage the combined expertise and experience of both workforces to accelerate the implementation of clean energy projects in Greece and across the region.
“By establishing Terna Energy as our flagship platform for the region, we will both support our own renewable energy objectives and drive energy transformation in Europe.”
The delisting from Athex follows a productive first quarter for Terna Energy, which has seen the continuation of construction on key projects in Greece and Bulgaria, including the Amphilochia plant, one of the largest pumped storage hydropower projects in Europe, and Masdar’s first pumped hydro project in the region.
The business has also reached final investment decisions on new solar, wind and battery projects with a combined capacity of 250MW.
These plants are due to be operational within the next two years.