United Arab Emirates-based clean energy company Masdar has finalized its €3.2 billion ($3.3 billion) acquisition of Greece’s Terna Energy, the largest deal on the Athens Stock Exchange.
The acquisition, announced in June 2024, involved the purchase of 70% of Terna Energy shares at €20 ($21.1) per share from GEK Terna and other shareholders.
Masdar plans to secure the remaining shares through an all-cash mandatory tender offer, pending regulatory approval from the Hellenic Capital Markets Commission.
Masdar aims to expand its European portfolio and achieve a global renewable energy capacity of 100 GW by 2030.
Terna Energy, a leader in Greece’s renewable energy sector for over two decades, operates a diverse portfolio of wind, solar, biomass, and hydro projects. The company currently has 1.2 GW of capacity, with a target of 6 GW by 2029. Its ongoing projects include the 680 MW Amfilochia pumped hydro project, one of Europe’s largest.
Masdar CEO Mohamed Jameel Al Ramahi emphasized the synergy between Masdar and Terna Energy, highlighting opportunities for further growth to support Greece’s renewable energy goals. Terna Energy CEO Georgios Peristeris echoed this vision, calling the deal a testament to the company’s role in the green energy transition across southeastern Europe.