– Masdar, a UAE-based renewable energy company, has agreed to acquire a 67% stake in Athens-listed Terna Energy, with plans to eventually own 100% of the company, pending regulatory approvals and other conditions.

– This acquisition marks the largest energy transaction in the history of the Athens Stock Exchange. Masdar aims to reach a global capacity of 100 gigawatts (GW) by 2030.

– Terna Energy, established in 1997, develops and operates renewable energy projects, including wind, solar, hydroelectric, and pumped storage.

UAE-based renewable energy company Masdar has agreed to acquire a majority stake in Athens-listed Terna Energy, according to media reports.

The deal will see Masdar initially acquire 67% of Terna Energy’s outstanding shares, subject to regulatory approvals and other conditions. The acquisition price values the equity at €2.4 billion ($2.6 billion) and the enterprise at €3.2 billion ($3.4 billion), Reuters reported.

After the transaction is completed, Masdar will initiate an all-cash mandatory tender offer to acquire the remaining outstanding shares, aiming to achieve 100% ownership.

This deal is the largest energy transaction in the history of the Athens Stock Exchange and one of the biggest in the European Union’s renewable energy sector.

Owned by Abu Dhabi state oil company ADNOC, utilities company TAQA, and sovereign investor Mubadala, Masdar has signed an agreement with Terna Energy’s parent company GEK TERNA and other shareholders to acquire the shares at €20.002 per share.

Masdar aims to achieve a global capacity of 100 gigawatts (GW) by 2030.

Founded in 1997, Terna Energy develops, finances, constructs, and operates renewable energy projects, including wind, solar, hydroelectric, and pumped storage facilities. The company plans to reach 6GW of renewable energy operational capacity by 2030.

Following the transaction, Terna Energy’s executive chairman Georgios Peristeris and CEO Emmanuel Maragoudakis will continue in their current roles.

Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar, and CEO of ADNOC, highlighted that this deal emphasizes smart growth opportunities in a responsible and orderly energy transition, creating new industries, jobs, and promoting low-carbon economic development.

Masdar has retained Rothschild & Co. as the sole financial advisor, with Simmons & Simmons, Bernitsas Law, and Latham & Watkins as legal advisors for the transaction and financing.