Masdar buys out Greece’s Terna Energy in USD3.4 billion deal

Masdar, a renewables developer based in Abu Dhabi, has agreed to acquire a majority stake in Greek energy company Gek Terna.

Masdar had a definite agreement with Gek Terna and other shareholders to acquire initially 67% of the outstanding shares of Terna Energy after the transaction for EUR20 (US$21.46) per share. Masdar plans to launch an all-cash mandatory tender offer to acquire 100% of Terna Energy’s shares.

Masdar's EUR3.2 billion (US$3.43 billion) deal is its largest in Greece to date. In December 2023, Masdar and the Greek government agreed to develop a 7 MW solar plant on Poros Island, covering much of the island's electricity needs, with Masdar fully funding the project. The Greek company, established in 1997, leads in Greece’s wind energy sector with 1.2 GW of onshore wind power. The 330 MW Kafireas project on Evia Island is Terna Energy’s largest wind project, consisting of multiple wind farms nearby.