Abu Dhabi’s Masdar has acquired full ownership of Greece’s TERNA ENERGY in a deal that consolidates its push into Europe’s fast-expanding renewables market and marks one of the sector’s largest transactions to date.
The UAE clean energy firm confirmed on Thursday it had completed a mandatory tender offer and squeeze-out process for the remaining 30% of TERNA ENERGY shares, offering $22.6 per share in an all-cash transaction.
The deal follows Masdar’s initial 70% stake acquisition in November 2024 and brings the total enterprise value of TERNA ENERGY to $3.6 billion.
The transaction will lead to the delisting of TERNA ENERGY from the Athens Stock Exchange, pending approval from Greece’s Hellenic Capital Market Commission.
Masdar, officially known as Abu Dhabi Future Energy Company PJSC, said the acquisition would deliver significant capital investment across Greece and the broader EU, bolstering its aim to build a global clean energy portfolio of 100 gigawatts by 2030.
“This acquisition underscores Masdar’s commitment to driving the energy transformation in Greece and other European countries,” said Masdar CEO Mohamed Jameel Al Ramahi. “With full ownership of all shares, we can fully integrate TERNA ENERGY into our global operations and accelerate our shared vision for renewable energy development.”
TERNA ENERGY, a subsidiary of GEK TERNA, operates the largest and most diversified renewables portfolio in Greece, with assets spanning wind, solar, hydro and biomass. It also has international projects in Poland and Bulgaria, with a total installed capacity of 1,224 megawatts, including 102 MW in Poland and 30 MW in Bulgaria.
The company is currently constructing one of Europe’s largest pumped-storage hydroelectric projects – the 680MW Amfilochia development – and has a pipeline of photovoltaic projects totalling 197 MW under construction across Greece and Bulgaria.
Despite high investor interest, the Greek data and energy markets have remained relatively consolidated. A 2023 report by Knight Frank found that just four operators control 87% of Greece’s live data and energy infrastructure capacity. Masdar’s move positions it to become a major new force in the European renewables sector, particularly in Southeastern and Central Europe where energy transition targets are accelerating.
The deal also aligns with the EU’s climate goals, including a binding target to reach net zero emissions by 2050, and supports Greece’s National Energy and Climate Plan (NECP), which aims to increase the share of renewables in its electricity mix to over 70% by 2030.
Masdar has been one of the most aggressive movers among Gulf-based energy firms into global renewables, with a portfolio spanning more than 40 countries and rapid expansion across wind, solar and green hydrogen sectors.
Georgios Peristeris, Executive Chairman of TERNA ENERGY and Chairman and CEO of GEK TERNA, will remain in his current role. “The successful completion of TERNA ENERGY’s acquisition by Masdar marks the full integration of the two companies,” he said. “As part of Masdar’s global family, TERNA ENERGY is well-positioned to expand its leadership in the renewable energy sector in Greece and the wider region.”
Masdar was advised by Rothschild & Co. as sole financial advisor, and Simmons & Simmons and Bernitsas Law as legal counsel for the transaction.
The acquisition is among the most prominent Gulf investments in the European renewables sector to date, as the region moves to diversify energy portfolios, strengthen climate commitments, and attract long-term foreign capital into the green economy.
