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Masdar and GEK TERNA Secure €3.2 Billion Deal to Acquire Greece’s TERNA ENERGY

Masdar and GEK TERNA Secure €3.2 Billion Deal to Acquire Greece’s TERNA ENERGY

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Executive Summary

Masdar has signed a landmark agreement to acquire 67% of TERNA ENERGY, marking the largest energy transaction on the Athens Stock Exchange. The deal, valued at 3.2 billion euros, will significantly boost renewable energy investments in Greece and the EU, supporting Masdar’s goal of reaching 100GW global capacity by 2030.

Key Impact Points

  • Largest energy transaction on Athens Stock Exchange and one of the biggest in the EU renewables sector.
  • Acquisition of 67% shares of TERNA ENERGY at 20.00 euros per share, valuing the company at 3.2 billion euros.
  • Masdar to inject significant capital, supporting Greece’s energy transition and EU’s net zero by 2050 goals.

Masdar, the UAE’s clean energy leader, has reached a definitive agreement with GEK TERNA SA and other shareholders to acquire 67% of TERNA ENERGY at 20.00 euros per share. This transaction values TERNA ENERGY at an enterprise value of 3.2 billion euros, making it the largest energy deal ever on the Athens Stock Exchange and a major milestone in the European renewables market.

HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, remarked: “Today marks a major milestone in Masdar’s strategy to expand its portfolio to 100GW of clean energy by 2030 and it will make a substantial contribution to the renewable energy capacity of Greece. This investment reflects the UAE’s clear commitment to Greece and Europe’s clean energy development.

Mohamed Jameel Al Ramahi, CEO of Masdar, added: “We are injecting capital and global expertise to accelerate TERNA ENERGY’s expansion, supporting Greece’s renewable energy ambitions and extending Masdar’s global reach.

The deal is expected to bring significant capital investment to Greece and other EU countries, bolstering TERNA ENERGY’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s 2050 net zero target. TERNA ENERGY’s Executive Chairman, Georgios Peristeris, and CEO, Emmanuel Maragoudakis, will remain in their roles post-transaction, ensuring continuity in leadership and supporting Masdar’s growth plans in Europe.

Georgios Peristeris, Executive Chairman of TERNA ENERGY, stated: “Our agreement with Masdar is a recognition of the great value of TERNA ENERGY and the result of the hard work of hundreds of people for more than 25 years. It marks the beginning of a new era of even greater growth for GEK TERNA Group.

Related Article: Iberdrola, Masdar to Invest €15 Billion in Offshore Wind and Green Hydrogen Projects Globally

Masdar’s acquisition aligns with GEK TERNA’s strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe. With this move, Masdar is set to play a pivotal role in Europe’s clean energy transition, targeting 100GW global capacity by 2030.

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