Masdar Acquires 70 Percent Stake in Terna Energy

Abu Dhabi Future Energy Company, Masdar, has successfully acquired a 70 percent stake in Greece-based renewable energy company Terna Energy SA from GEK Terna SA and other shareholders.

The transaction, finalised at a price of EUR 20 (USD 21) per share, valued Terna Energy at an enterprise worth EUR 3.2 billion (USD 3.37 billion), making it the largest energy deal in the history of the Athens Stock Exchange and among the largest in the EU renewables sector. Following the acquisition and necessary regulatory approvals, Masdar plans to launch an all-cash mandatory tender offer (MTO) to acquire the remaining shares of Terna Energy, further cementing its investment in the company.

As per the statement, Terna Energy has been a cornerstone of Greece’s renewable energy landscape for over 20 years, operating a diverse portfolio across wind, solar, biomass, and hydroelectric technologies in Greece, Bulgaria, and Poland. The company currently manages 1.2 GW of clean energy capacity and is developing one of Europe’s largest pumped hydro projects, the 680 MW Amfilochia facility. The acquisition aligns with Terna Energy’s ambitious plans to scale up to 6 GW by 2029, while also contributing to Masdar’s global target of 100 GW renewable energy capacity by 2030, emphasising their shared commitment to accelerating the global energy transition.

Masdar’s CEO, Mohamed Jameel Al Ramahi, described the deal as a union of 'Two energy champions,' emphasising that the collaboration would unlock substantial growth opportunities for Terna Energy as it advances its renewable energy agenda

Executive Chairman, Georgios Peristeris, Terna Energy, said, "Our agreement with Masdar underscores Terna Energy's leadership in green energy for Greece and southeastern Europe. Together, we share a vision for clean, affordable, and domestically produced energy, and we look forward to exploring new growth opportunities.”

The acquisition process was supported by Rothschild & Co., acting as Masdar’s sole financial advisor, and legal counsel from Simmons & Simmons, Bernitsas Law, and Latham & Watkins. On the GEK Terna side, legal advice was provided by Reed Smith LLP and Potamitis Vekris, while Morgan Stanley served as the sole financial advisor for Terna Energy.

By positioning Terna Energy as a core platform in Europe, Masdar reaffirms its commitment to scaling renewable energy investments globally while driving the transition to a cleaner, sustainable energy future.