Masdar acquired 70% of TERNA ENERGY from GEK TERNA SA and other shareholders in November last year, in a deal that gave the company an enterprise value of €3.2 billion – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry.
TERNA ENERGY has been a key player in the renewable energy sector in Southeastern and Central Europe for over two and a half decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland and has a solid pipeline of growth opportunities.
Greece’s renewable energy leader owns and operates clean energy projects across wind, solar, biomass and hydro technologies – and is building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project. Of the company’s total installed capacity of 1,224 MW in Greece and abroad, 102 MW are located in Poland and 30 MW in Bulgaria. TERNA ENERGY continues the development of its portfolio with 197 MW of photovoltaic (PV) projects currently under construction in Greece and Bulgaria.
Following the successful completion of the MTO and squeeze-out, Masdar will initiate the process for the company’s delisting from the Athens Stock Exchange, subject to regulatory approval from the Hellenic Capital Market Commission.
The transaction is expected to provide significant capital investment in Greece and wider Europe, supporting the company’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target.
The company’s Executive Chairman, Georgios Peristeris, and other members of the senior management team are continuing in their current leadership roles, supporting Masdar and TERNA ENERGY in their next phase of growth.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “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.”
Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, added, “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 the successful completion of the MTO and squeeze-out, Masdar will initiate the process for the company’s delisting from the Athens Stock Exchange, subject to regulatory approval from the Hellenic Capital Market Commission.
Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons and Bernitsas Law as legal advisors, in connection with the transaction.
