Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today that it has reached a definitive agreement with GEK TERNA SA (GEKTERNA.AT) and other shareholders of TERNA ENERGY SA (TENERGY.AT). The deal involves Masdar acquiring initially 67% of the outstanding shares of TERNA ENERGY at a price of 20.00 euros per share, subject to regulatory approvals and other conditions. Following the completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all remaining outstanding shares with the intention of reaching 100%.
The acquisition price represents an equity valuation of 2.4 billion euros and an enterprise value of 3.2 billion euros, marking the largest energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market. The deal is expected to provide significant capital investment in Greece and other European countries, supporting TERNA ENERGY’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target.
Background and Reasons for the Transaction
Established in 1997, TERNA ENERGY is a leading European clean energy platform with over 25 years of experience in financing, developing, constructing, and operating renewable energy facilities. The company specializes in wind, solar, hydroelectric, and pumped storage projects, recently announcing its growth plan targeting renewable energy operational capacity of 6GW by 2030.
The acquisition is a key milestone for Masdar as it aims to expand its portfolio to 100GW of clean energy by 2030, further solidifying its role as a trusted global energy transition partner. The deal reflects Masdar’s confidence in TERNA ENERGY’s growth potential and the strength of the Greek market and its renewables sector.
Statements from Key Leaders
HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, emphasized the strategic significance of this deal:
“Today marks a major milestone in Masdar’s strategy to expand its portfolio to 100GW of clean energy by 2030. This investment reflects the UAE’s clear commitment to Greece and Europe’s clean energy development and represents a major step in realizing the central goals of the UAE Consensus to triple global renewable energy capacity by 2030.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added:
“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. We look forward to completing the transaction and working with TERNA ENERGY’s leadership team to supercharge their ambitious growth plans.”
Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, remarked:
“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 over more than 25 years. It marks the beginning of a new era of even greater growth for GEK TERNA Group and a strong vote of confidence for Greece and its prospects.”
Advisors
Masdar has retained Rothschild & Co. as sole financial advisor, with Simmons & Simmons, Bernitsas Law, and Latham & Watkins as legal advisors for the transaction and financing. GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris as legal advisors, with Morgan Stanley acting as sole financial advisor to TERNA ENERGY.
About Masdar
Masdar is one of the world’s fastest-growing renewable energy companies. Established in 2006, it has developed projects in over 40 countries, providing over 20GW of clean energy. Jointly owned by TAQA, ADNOC, and Mubadala, Masdar aims for a renewable energy portfolio of 100GW and to be a leading producer of green hydrogen by 2030.
About GEK TERNA Group
GEK TERNA Group is a leading business group in Greece with significant international presence, specializing in infrastructure, power generation, and more. Listed on the Athens Stock Exchange, the group employs approximately 8,000 people worldwide.
About TERNA ENERGY
TERNA ENERGY, a subsidiary of GEK TERNA Group, is a key player in the renewable energy sector, with a diversified portfolio of 2,500 MW in operation and under development, aiming for 6GW by 2030. It is listed on the Athens Stock Exchange.
