Masdar Completes Acquisition Of TERNA ENERGY To Boost Renewable Energy In Greece

Abu Dhabi Future Energy Company PJSC, known as Masdar, has announced that its subsidiary, TERNA ENERGY, is no longer listed on the Athens Stock Exchange. This follows Masdar's acquisition of all TERNA ENERGY shares last month. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, along with CEO Mohamed Jameel Al Ramahi, visited TERNA ENERGY’s headquarters in Athens to meet employees and discuss future strategies.

The recent acquisition by Masdar aims to bolster renewable energy growth in Southeastern and Central Europe. Dr. Sultan bin Ahmed Al Jaber stated, "Bringing TERNA ENERGY into the Masdar family strengthens our position in Greece and the wider region, enabling us to expediate the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets. This acquisition also demonstrates the commitment of both the UAE and Masdar to bringing affordable, secure and sustainable energy to all."

Masdar's acquisition supports Greece's National Energy and Climate Plan and aligns with the EU's goal of net zero emissions by 2050. It also advances Masdar’s global target of achieving 100 gigawatts (GW) of clean energy capacity by 2030. TERNA ENERGY aims for an operational portfolio capacity of 6GW by 2030, backed by Masdar’s long-term capital and expertise.

Mohamed Jameel Al Ramahi commented on the delisting from the Athens Stock Exchange: "With TERNA ENERGY now delisted from the Athens Stock Exchange, we can maximise and leverage the combined expertise and experience of both workforces to accelerate the implementation of clean energy projects in Greece and across the region. By establishing TERNA ENERGY as our flagship platform for the region, we will both support our own renewable energy objectives and drive energy transformation in Europe."

The delegation led by Dr. Sultan bin Ahmed Al Jaber held strategic discussions with Georgios Peristeris, Executive Chairman of TERNA ENERGY. These talks focused on expanding business operations and accelerating renewable energy initiatives in Europe. The integration marks a significant step towards achieving shared goals in clean energy production.

Georgios Peristeris expressed optimism about this integration: "The delisting of TERNA ENERGY following its acquisition by Masdar marks the full integration of the two companies, creating a strong platform for accelerated growth based on their shared commitment to clean, affordable, and domestically produced energy. As part of Masdar’s global network, TERNA ENERGY is now ideally positioned to expand its leadership in the renewable energy sector in Greece and the wider region."

Ongoing Projects

The delisting comes after a productive quarter for TERNA ENERGY with ongoing construction projects in Greece and Bulgaria. These include the Amphilochia plant, one of Europe's largest pumped storage hydropower projects, marking Masdar's first pumped hydro project in this area. New solar, wind, and battery projects totaling 250MW are set to become operational within two years.

Last November, Masdar acquired 70 percent of TERNA ENERGY from GEK TERNA SA and other shareholders for an enterprise value of 3.2 billion euros. This was a landmark transaction on the Athens Stock Exchange at that time. A mandatory tender offer for remaining shares was completed last month at 20 euros per share.

This strategic move highlights Masdar's commitment to expanding its influence within Europe’s renewable energy sector while supporting regional clean energy goals.

With inputs from WAM