As the company states, Masdar acquired 70% of TERNA ENERGY in November 2024 from GEK TERNA S.A. and other shareholders, in a deal that valued the company at €3.2 billion – the largest energy transaction in the history of the Athens Stock Exchange and one of the most significant in the Renewable Energy Sources (RES) sector in the EU.
TERNA ENERGY, a leading player for more than 25 years in the RES sector of Southeastern and Central Europe, holds the largest and most diversified portfolio in Greece, with projects in Bulgaria and Poland, and has strong growth prospects.
The top RES company in Greece develops and operates clean energy projects utilizing wind, solar, biomass, and water, while in Amfilochia, it is implementing one of the largest pumped-storage projects in Europe, with a capacity of 680 MW. Of the total 1,224 MW of installed capacity in Greece and abroad, 102 MW are in Poland and 30 MW in Bulgaria. The company continues to develop its portfolio with the construction of 197 MW of photovoltaic plants in Greece and Bulgaria.
Following the completion of the public offer and the acquisition of all shares, Masdar will initiate the process of delisting TERNA ENERGY’s shares from the Athens Stock Exchange, subject to approval by the Capital Market Commission.
The transaction is expected to inject significant capital investments into Greece and the wider Europe, enhancing the company’s contribution to achieving the targets of the National Energy and Climate Plan (NECP) and the EU’s goal of net-zero emissions by 2050. It also demonstrates Masdar’s ambitious development plans in the region and solidifies its position as a reliable global renewable energy partner for governments, investors, producers, and communities worldwide.
The company’s Executive Chairman, George Peristeris, as well as other members of the senior management team, will retain their leadership roles, supporting Masdar and TERNA ENERGY in their next phase of development.
Mohamed Jameel Al Ramahi, CEO of Masdar, said:
“With the acquisition of full control of the shares, we can now fully integrate TERNA ENERGY into our global operations and accelerate the realization of our shared vision for the development of RES in Greece and the wider Europe, making TERNA ENERGY our flagship in the region. Masdar’s extensive expertise will provide a significant boost to TERNA ENERGY’s development plans, within the strategic goal of achieving 100 GW of installed capacity globally by 2030. This acquisition underscores Masdar’s commitment to leading the energy transition in Greece and other European countries.”
George Peristeris, President and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, said: “The completion of the acquisition of TERNA ENERGY by Masdar marks the full integration of the two companies. Our shared commitment to clean, affordable, and domestically produced energy creates a solid foundation for faster growth. As part of Masdar’s global ecosystem, TERNA ENERGY has all the guarantees to strengthen its leadership position in RES in Greece and the wider region.”
Rothschild & Co. acted as the exclusive financial advisor to Masdar, while Simmons & Simmons and Bernitsas Law acted as legal advisors for the transaction.
