Abu Dhabi Future Energy Company PJSC, commonly known as Masdar, has successfully completed the acquisition of Greece’s TERNA ENERGY, marking a significant milestone in the renewable energy sector. This landmark transaction, valued at an enterprise value of €3.2 billion, represents the largest energy deal in the history of the Athens Stock Exchange and one of the most substantial in the European renewables market.
Company Profiles
Masdar, established in 2006 and headquartered in Abu Dhabi, United Arab Emirates, is a leading global player in renewable energy and sustainable urban development. Backed by shareholders such as TAQA, Mubadala Investment Company, and the Abu Dhabi National Oil Company (ADNOC), Masdar has been instrumental in advancing clean energy projects worldwide. The company is committed to expanding its renewable energy portfolio to 100 gigawatts (GW) by 2030, with operations spanning across solar, wind, and other sustainable technologies.
TERNA ENERGY, a subsidiary of the GEK TERNA Group, is the largest investor in the renewable energy sector in Greece. With a diversified portfolio that includes wind, solar, biomass, and hydroelectric projects, TERNA ENERGY operates a capacity of 1.2 GW, with plans to expand to 6 GW by 2029. The company also has a presence in other European countries, including Bulgaria and Poland, and is developing one of Europe’s largest pumped hydro projects, the 680 MW Amfilochia project
Details of the Acquisition
In June 2024, Masdar reached a definitive agreement with GEK TERNA and other shareholders to acquire an initial 67% stake in TERNA ENERGY at €20 per share, valuing the company’s equity at €2.4 billion. Following the completion of regulatory approvals, Masdar proceeded with an all-cash mandatory tender offer to acquire the remaining shares, aiming for full ownership. By April 2025, Masdar had successfully completed the acquisition, solidifying its position as the majority shareholder of TERNA ENERGY.
Impact on the Renewable Energy Sector
This acquisition underscores Masdar’s commitment to expanding its footprint in the European renewable energy market and aligns with its strategic goal of achieving 100 GW of global renewable energy capacity by 2030. By integrating TERNA ENERGY’s assets and expertise, Masdar is poised to enhance its project development capabilities and accelerate the deployment of renewable energy solutions across Europe.
For the Greek renewable energy sector, Masdar’s investment brings substantial capital and international experience, potentially expediting the realization of Greece’s National Energy and Climate Plan objectives. The collaboration is expected to contribute significantly to the European Union’s target of achieving net-zero emissions by 2050, highlighting the growing importance of cross-border partnerships in addressing global energy challenges.
Masdar’s acquisition of TERNA ENERGY represents a pivotal development in the renewable energy landscape, fostering enhanced cooperation between the Middle East and Europe and setting a precedent for future investments in sustainable energy infrastructure.