Masdar agrees €3.2bn takeover of Greece’s Terna Energy


June 20, 2024

Abu Dhabi renewables investor Masdar has agreed a €3.2bn takeover of Greek developer Terna Energy with parent group GEK Terna.

Masdar has agreed to initially to buy a 67% stake in Terna Energy, with the potential to increase its ownership to 100%. The deal is reportedly the largest buyout of a company on the Athens Stock Exchange.

Mohamed Jameel Al Ramahi, chief executive of Masdar, said: “We are injecting capital and global expertise to accelerate Terna Energy’s expansion, supporting Greece’s renewable energy ambitions and extending Masdar’s global reach. As a leading European development platform, Terna Energy is expected to play an important role in Masdar’s growing portfolio in Greece and Europe. 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.”

Georgios Peristeris, chairman and chief executive of GEK Terna, and executive chairman of Terna Energy, said: “Our agreement with Masdar is a recognition of the great value of Terna Energy and the result of the hard work of hundreds of people for more than 25 years. At the same time, it marks the beginning of a new era of even greater growth for GEK Terna Group. It is also a strong vote of confidence for Greece and its prospects.”

The transaction is subject to regulatory approvals.

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