Abu Dhabi-based Masdar, a leader in renewable energy, has solidified its position in the global energy sector by acquiring a 70% stake in Greece’s TERNA ENERGY SA. The €3.2 billion transaction is the largest energy deal in the Athens Stock Exchange’s history and stands as one of the most significant investments in the EU’s renewable energy industry.
TERNA ENERGY, a frontrunner in Greece’s green transition, has built a robust portfolio across wind, solar, hydro, and biomass technologies. Its operational capacity of 1.2 gigawatts (GW) is set to expand to 6 GW by 2029, thanks to the strategic partnership with Masdar. Notable among TERNA ENERGY’s projects is the 680 MW Amfilochia pumped hydro initiative, one of the largest of its kind in Europe.
The acquisition reflects Masdar’s ambitious global energy strategy, aiming to achieve 100 GW of renewable energy capacity by 2030. Following this transaction, Masdar will seek approvals from the Hellenic Capital Markets Commission for a mandatory tender offer to acquire the remaining shares of TERNA ENERGY, further consolidating its presence in Europe.
Masdar’s CEO, Mohamed Jameel Al Ramahi, expressed enthusiasm about the partnership, stating, “Masdar is proud to become the majority shareholder of TERNA ENERGY. Our shared vision and commitment will unlock significant opportunities for further growth as TERNA ENERGY supports Greece’s renewable energy goals.”
TERNA ENERGY’s Executive Chairman, Georgios Peristeris, echoed these sentiments, highlighting the synergy between the two companies. He noted, “Our agreement with Masdar underscores TERNA ENERGY’s leadership in green energy across southeastern Europe. Together, we aim to achieve a sustainable future powered by clean, affordable energy.”
This acquisition aligns with Masdar’s broader strategy of investing in not only renewable assets but also exceptional teams capable of driving transformative energy solutions. The deal will establish TERNA ENERGY as a key regional platform within Masdar’s growing European portfolio.
To ensure smooth execution, Masdar engaged Rothschild & Co as its financial advisor and Simmons & Simmons, Bernitsas Law, and Latham & Watkins as legal counsel. TERNA ENERGY and its parent company, GEK TERNA SA, were represented by Morgan Stanley, Reed Smith LLP, and Potamitis Vekris, showcasing the expertise involved in completing this landmark transaction.
The partnership signifies a pivotal step toward achieving Greece’s renewable energy targets while reinforcing Masdar’s reputation as a global leader in the energy transition. As the world accelerates efforts to combat climate change, such collaborations pave the way for innovative solutions that prioritize sustainability and long-term growth.
