BAKU, Azerbaijan, June 20. Masdar, the UAE's leading clean energy company, announced today a definitive agreement with GEK TERNA SA and other shareholders of TERNA ENERGY SA to acquire an initial 67 percent of the company's shares upon transaction completion, pending regulatory approvals and other conditions, Trend reports.
Following this, Masdar plans to launch an all-cash mandatory tender offer to secure the remaining outstanding shares, aiming for full ownership.
The transaction and subsequent offer value TERNA ENERGY's total equity at 2.4 billion euros, with an enterprise value of 3.2 billion euros. This deal marks the largest energy transaction ever on the Athens Stock Exchange and one of the largest in the European renewables market.
The agreement is set to bring substantial capital investment into Greece and other European nations, bolstering TERNA ENERGY's role in advancing Greece's National Energy and Climate Plan (NECP) and the EU's target for net zero emissions by 2050.
"Today marks a major milestone in Masdar's strategy to expand its portfolio to 100 GW of clean energy by 2030 and it will make a substantial contribution to the renewable energy capacity of Greece. As one of Europe’s biggest renewable energy transactions in 2024, this investment reflects the UAE's clear commitment to Greece and Europe's clean energy development and it represents another major practical step in realizing one of the central goals of the UAE Consensus, to triple global renewable energy capacity by 2030. In short, this deal underlines the smart growth opportunities of a responsible and orderly energy transition stimulating new industries, new jobs and low carbon economic development," said Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President.