After completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100%.
The transaction and subsequent offer values TERNA ENERGY's total equity at €2.4 billion with an enterprise value of €3.2 billion, making it the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.
The deal is expected to provide significant capital investment in Greece and other European countries, supporting TERNA ENERGY's contribution to Greece's National Energy and Climate Plan and the EU's net zero by 2050 target. The proposed acquisition demonstrates the scale and ambition of Masdar's growth plans in the region, and further solidifies Masdar's role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.
Established in 1997, TERNA ENERGY is a leading European clean energy platform, with a track record of more than 25 years of delivering innovative and sustainable projects. The company specializes in financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects.
The company has recently announced its growth plan targeting renewable energy operational capacity of 6GW by 2030. With a strong portfolio of projects in Greece and Europe, TERNA ENERGY is the largest investor in the renewables energy sector in Greece.
The proposed acquisition is expected to play an important role in growing Masdar's portfolio in Europe as it targets 100GW global capacity by 2030. It also reflects Masdar's confidence in TERNA ENERGY's growth potential, as well as the strength of the Greek market and its renewables sector.
The transaction is aligned with GEK TERNA's strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe and will accelerate the Group's path to a new growth era.
Demonstrating continuity in leadership, TERNA ENERGY's Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, will continue in their current roles following completion of the transaction and support Masdar in leading the company in its next phase of growth.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented, “We look forward to completing the transaction and starting to work with TERNA ENERGY's leadership team to supercharge their ambitious growth plans in support of Greece's energy transition."
