Masdar takes majority stake in Greek clean energy player

Masdar

Abu Dhabi’s Masdar has acquired a majority stake in Greek clean energy company Terna Energy to propel its European expansion.

The UAE renewables major purchased a 70 percent stake in the Greek company from Gek Terna and other shareholders at €20 per share, valuing Terna Energy at €3.2 billion ($3.4 billion).

Following the transaction’s closing, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission to launch an all-cash mandatory tender offer to acquire the remaining shares of Terna Energy.

Headquartered in Athens, the two-decade-old Greek company operates projects with a capacity of 1.2 gigawatts (GW) in Greece, Bulgaria and Poland. It is targeting an increase to 6GW by 2029.

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The acquisition will strengthen Masdar’s European presence as part of its goal to achieve 100GW of global capacity by 2030.

This month, the UAE and China announced an initiative at Cop29 in Baku to co-invest nearly $3 billion in renewables in developing countries and the global south.

A memorandum of understanding signed between Silk Road Fund of China and Masdar will see the former invest up to CNY20 billion ($2.8 billion) into projects “developed, invested in or operated by the UAE company”.