• Masdar now owns 100% of TERNA ENERGY, cementing its presence in Europe’s renewable energy sector with full control of Greece’s clean energy leader.
• The acquisition unlocks significant capital investment in Greece, Bulgaria, and Poland—supporting the EU’s 2050 net zero goals and Masdar’s global 100GW clean energy target by 2030.
• TERNA ENERGY’s delisting from the Athens Stock Exchange marks the end of a €3.2B transaction—the largest energy deal in Greece and a landmark for EU renewables.

Abu Dhabi Future Energy Company PJSC – Masdar has completed its acquisition of 100% of TERNA ENERGY SA, following the conclusion of a mandatory tender offer and a squeeze-out process for the remaining 30% of shares at €20 per share. This move solidifies Masdar’s footprint in Europe’s clean energy market and enhances its operational control across a region crucial to its growth strategy.

Masdar initially acquired 70% of TERNA ENERGY in November 2023 from GEK TERNA SA and other shareholders, assigning the company an enterprise value of €3.2 billion. This made it the largest energy transaction on the Athens Stock Exchange and one of the most significant deals in the EU’s renewable sector.

“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 ENERGY as our flagship platform in the region,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
“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.”

TERNA ENERGY has long been a dominant force in Southeastern and Central Europe, holding the largest and most diversified renewables portfolio in Greece, with active projects in wind, solar, hydro, and biomass, and presence in Poland (102 MW) and Bulgaria (30 MW). Its 680MW Amfilochia pumped hydro project is set to be one of Europe’s largest.

The company is also constructing 197 MW of photovoltaic projects in Greece and Bulgaria, aligning with the EU’s Net Zero 2050 goals and Greece’s National Energy and Climate Plan.

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Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, emphasized the strategic alignment:
“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 ENERGY is well-positioned to expand its leadership in the renewable energy sector in Greece and the wider region.”

Following regulatory approval from the Hellenic Capital Market Commission, TERNA ENERGY will be delisted from the Athens Stock Exchange, completing its transition to a fully integrated Masdar subsidiary.

The transaction was advised by Rothschild & Co. as sole financial advisor, and Simmons & Simmons and Bernitsas Law as legal advisors.

This acquisition reinforces Masdar’s role as a key partner in Europe’s energy transition, bridging capital, expertise, and infrastructure to accelerate clean energy deployment across the continent.

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