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Emirati state-owned renewable energy project developer Masdar has acquired a majority stake in Greek renewable power firm Terna Energy.

Masdar said the acquisition was the largest ever transaction on the Athens stock exchange. It acquired 70% of Terna Energy’s outstanding shares at €20 (US$21.1) per share, giving the company an enterprise value of €3.2 billion (US$3.37 billion).

Plans for the acquisition were first announced in June, when Masdar said it would acquire 67% of Terna Energy shares.

Terna Energy currently operates 1.2GW of solar, wind, biomass and hydro renewable energy projects; most of them are in in Greece, but the company also has assets in Poland and Bulgaria. It aims to reach 6GW of operational capacity by 2029.

Mohamed Jameel Al Ramahi, CEO of Masdar, said the firm’s “committed vision and long-term capital will unlock significant opportunities for further growth in Terna Energy’s expansion as it executes on its strategy to support Greece’s renewable energy goals.”

“Masdar’s acquisition strategy has focused on acquiring not just assets, but investing in exceptional teams,” added the CEO. “Our ambition is to establish Terna Energy as one of our core regional platforms that will help us deliver on our ambitious targets.”

Masdar said it aims to have 100GW of renewable energy assets worldwide by 2030. As well as gigawatt-scale contracts secured in the Middle East and North Africa, such as the 6GW cluster of contracts signed in Egypt last week, the firm has expanded considerably into central Asia and Southeastern Europe.

During this month’s COP29 conference, secured financing for 760MW solar portfolio in the conference’s host country, Azerbaijan, and inked a deal with the Albanian Power Corporation to build a “gigawatt-scale” portfolio in Albania.

Masdar has made a public show of signing a flurry of deals at the last two COP events; COP28 was held in its native UAE and chaired by Ahmed Al Jaber, Masdar’s chairman and the CEO of the Abu Dhabi National Oil Company (ADNOC).

This article is reposted from PV Tech, written: Will Norman. Image: Baywa r.e.

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