Abu Dhabi – Mubasher: Abu Dhabi Future Energy Company (Masdar), in which Abu Dhabi National Energy Company (TAQA) holds a 43% shareholding, acquired 70% of the shares of TERNA ENERGY from GEK TERNA.
The deal, which has an enterprise value of EUR 3.20 billion, marks the largest-ever energy transaction on the Athens Stock Exchange and one of the largest in the EU renewables industry, according to a press release.
Following the closing of the transaction, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission (HCNC), to launch an all-cash mandatory tender offer (MTO) to acquire the shares of TERNA ENERGY.
With TERNA ENERGY currently operating a capacity of 1.2 gigawatts (GW), the acquisition aligns with Masdar’s objectives that target 6GW by 2029.
TERNA ENERGY will play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.
Mohamed Jameel Al Ramahi, CEO of Masdar, commented: “Masdar’s acquisition strategy has focused on acquiring not just assets, but investing in exceptional teams. Our ambition is to establish TERNA ENERGY as one of our core regional platforms that will help us deliver on our ambitious targets.”
Last September, Masdar unveiled plans to acquire Saeta Yield from Brookfield Renewable at $1.40 billion.
