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Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s leader in clean energy, has announced a definitive agreement with GEK TERNA SA (GEKTERNA.AT) and other shareholders of TERNA ENERGY SA (TENERGY.AT) to acquire an initial 67% of TERNA ENERGY’s outstanding shares. This transaction, pending regulatory approvals and other conditions, will be followed by an all-cash mandatory tender offer by Masdar to acquire the remaining shares, aiming for full ownership.
Valued at €2.4 billion in equity and with an enterprise value of €3.2 billion, this deal represents the largest energy transaction in the history of the Athens Stock Exchange and one of the most significant in the European renewables market.
This acquisition is expected to inject substantial capital investment into Greece and other European countries, bolstering TERNA ENERGY’s contributions to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target. It signifies Masdar’s ambitious expansion plans and cements its role as a global leader in energy transition.
Statements from Key Figures
HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, stated: “Today marks a significant milestone in Masdar’s strategy to expand its clean energy portfolio to 100GW by 2030. This investment underscores the UAE’s commitment to Greece and Europe’s clean energy development, aligning with our goal to triple global renewable energy capacity by 2030. This deal highlights the smart growth opportunities of a responsible and orderly energy transition, fostering new industries, jobs, and low-carbon economic development.”
Mohamed Jameel Al Ramahi, CEO of Masdar, commented: “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. We look forward to collaborating with TERNA ENERGY’s leadership team to drive their ambitious growth plans in support of Greece’s energy transition.”
Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, remarked: “Our agreement with Masdar recognizes the immense value of TERNA ENERGY, the result of over 25 years of hard work by hundreds of people. This marks the beginning of a new era of greater growth for GEK TERNA Group and is a strong vote of confidence in Greece’s prospects. TERNA ENERGY will continue to be a key pillar in our national effort towards a future of cleaner, cheaper energy, greater energy autonomy, and enhanced sustainability.”
This landmark deal not only underscores Masdar’s expansion ambitions but also reinforces Greece’s role in the global renewable energy landscape.
