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Masdar completes acquisition of Greek renewables giant Terna Energy: State-run renewables giant Masdar completed its acquisition of a 70% stake in Greece’s Terna Energy for EUR 20 per share, valuing the company at EUR 3.2 bn, and marking one of the largest acquisitions in the EU renewables industry, according to a statement. Madar — now Terna Energy’s majority shareholder — plans to seek regulatory approval for an all-cash, mandatory offer to buy the remaining stakes of the Greek company.
REFRESHER- Masdar reached a final agreement to purchase an initial 67% stake in Greece’s Terna Energy earlier in June, with plans to buy the remaining stakes once the transaction is completed.
The bigger picture: The move pushes Masdar closer to achieving its goal of 100 GW of global energy capacity by 2030, the statement says. Terna — the largest investor in Greece’s renewables sector — aims to achieve 6 GW of operational renewables capacity by 2029 while its parent company Gek Terna is focused on becoming a leader in diversified infrastructure across Greece and Southeast Europe.
Terna Energy’s current portfolio: The company’s capacity sits at 1.2 GW today, operating across a diverse renewable energy portfolio of wind, solar, biomass, and hydro projects, including the 680 MW Amfilochia pumped hydro project, one of Europe’s largest.
Masdar has been on an acquisition spree this year: The company acquired Spanish renewable energy firm Saeta Yield from Canada-based investment firm Brookfield for USD 1.4 bn in September. It also snapped up a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn. Outside of Europe, it acquired a 50% stake in one of the largest independent renewable energy producers in the United States, Terra-Gen Power Holdings
ADVISORS- Masdar appointed Rothschild & Co. as financial advisor and Simmons & Simmons, Bernitsas Law, and Latham & Watkins for legal counsel. Gek Terna and Terna Energy were advised by Morgan Stanley, Reed Smith, and Potamitis Vekris.
