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Terna Energy signs deal with Masdar

Following the completion of the transaction, Masdar will launch a mandatory public offer to acquire all of the company's remaining shares, with the aim of reaching 100%

Abu Dhabi Future Energy PJSC – Masdar, a leading company in the UAE’s clean energy, announced the conclusion of a definitive agreement with GEK TERNA and other shareholders of TERNA ENERGY, with the intention of initially acquiring 67% of the company’s existing shares upon completion of the transaction, subject to regulatory approvals and other conditions.

Following the completion of the transaction, Masdar will launch a mandatory public offer to acquire all of the company’s remaining shares, with the aim of reaching 100%.

The transaction and the subsequent offer correspond to a total valuation of TERNA ENERGY at 2.4 billion euros, and an enterprise value of 3.2 billion euros, making it the largest energy transaction ever made on the Athens Stock Exchange and one of the largest in the European market renewable energy sources.

The agreement 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 goal of zero emissions by 2050.

The proposed acquisition demonstrates the scale and ambition of Masdar’s development plans in the region and further cements its role as a trusted global energy transition partner for governments, investors, developers and communities around the world.

Development plan

Terna Energy recently announced its development plan, which aims for an installed renewable energy capacity of 6GW by 2030. With a strong portfolio of projects in Greece and Europe, TERNA ENERGY is the largest renewable energy investor in Greece.

The proposed acquisition is expected to play an important role in the development of Masdar’s portfolio in Europe, as it aims for a global installed capacity of 100GW by 2030. It also reflects Masdar’s confidence in TERNA ENERGY’s growth prospects, as well as the dynamics of the Greek market and domestic renewable energy sector.

The transaction is fully aligned with GEK TERNA’s strategy to evolve into a leading diversified infrastructure Group in Greece and Southeast Europe, and accelerates the Group’s path towards a new era of growth.