Future Energy Company of Abu Dhabi (Masdar) in the United Arab Emirates has confirmed the acquisition of Greek renewable energy company Terna Energy.
The transaction was first announced in Junecorresponds to a 70% stake in Terna Energy and makes Masdar the holder of the largest portfolio of renewable energy projects in Greece.
The companies agreed on a price of 20 euros per share, valuing Terna Energy at an enterprise value of 3.2 billion euros. The deal is the largest energy transaction on the Athens Stock Exchange and one of the largest in the European renewable energy sector.
Masdar said it will now seek approval from the Hellenic Capital Markets Commission to launch a mandatory cash tender offer to acquire Terna’s outstanding shares.
“Masdar’s acquisition strategy was not only focused on acquiring assets, but also on investing in exceptional teams. Our ambition is to establish Terna Energy as one of our key regional platforms that will help us achieve our ambitious goals,” said CEO Mohamed Jameel Al Ramahi.
Terna Energy operates 1.2 GW of capacity in Greece, Bulgaria and Poland, including solar, wind, biomass and hydropower projects. The portfolio also includes a 680 MW pumped storage facility in Greece.
Masdar said in a statement that it will bring long-term capital and global expertise to Terna’s growth plans as it aims to achieve 6 GW of operational renewable energy capacity by 2029.
The acquisition will also play an important role in growing Masdar’s portfolio in Europe, the company added, with the aim of reaching a global capacity of 100 GW by 2030.
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