Masdar Pays $3.4 Billion for Greek Renewables Major Terna

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Abu Dhabi's state-backed renewable energy company Masdar (Abu Dhabi, United Arab Emirates) continues its push into the European energy market with a 3.2 billion euro ($3.4 billion) deal to acquire a majority stake in Greek green energy company Terna Energy (Athens, Greece).

The deal, the largest-ever energy transaction on the Athens Stock Exchange and one of the largest green energy deals in Europe in recent years, values Terna's total equity at 2.4 billion euro ($2.57 billion), with an enterprise value of 3.2 billion euro ($3.4 billion). Terna Energy has the largest portfolio of renewable energy projects in Greece, with more than 1.1 gigawatts (GW) in operation and a further 2 GW under construction or ready to be built. Masdar said the company will play a key role in growing its European portfolio as it targets 100 GW of global green energy capacity by 2030.

"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," said Sultan Al Jaber, United Arab Emirates (UAE) Minister of Industry and Advanced Technology, chairman of Masdar and COP28 president. "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."

Georgios Peristeris, chairman and chief executive officer of Terna, said: "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. Terna Energy is the leading RES investor in Greece and a key pillar of the national effort to transition to a future with cleaner and cheaper energy for all. A future with greater energy autonomy for our country, based on clean energy that will be produced in our homeland. And we will continue on the same course with even greater power."

Industrial Info is tracking 22 Terna projects in Greece with a combined investment value of almost $4 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the report.

Speaking to the Financial Times newspaper, Mohamed Jameel Al Ramahi, Masdar's chief executive officer, said the Terna deal was just the start of further European expansion. "The reality is we are not just acquiring this platform and portfolio. We are going to be pumping more capital into Greece and into Europe. This is a strategic deal for us where we reinforce our presence in Greece but, more importantly, in eastern Europe." The company has a presence in Serbia, Montenegro and Poland.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).