Emirati state-owned renewables giant Masdar has completed the acquisition of 70% of the outstanding shares of Greek renewable energy company Terna Energy, Masdar announced on Thursday.
Terna owns and operates clean energy projects across wind, solar, biomass and hydro technologies in Greece, Bulgaria and Poland for a total installed capacity of 1.2 GW. At a transaction price of EUR 20 per share, the deal values Terna at approximately EUR 3.2 billion.
The acquisition is part of Masdar’s strategy to expand its European portfolio of renewable energy assets and increase its global generation capacity to 100 GW by 2030.
“Masdar is proud to become the majority shareholder of Terna Energy, bringing together two energy champions. Our committed vision and long-term capital will unlock significant opportunities for further growth in Terna Energy’s expansion as it executes its strategy to support Greece’s renewable energy goals,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Following the close of the transaction, Masdar will seek approval from the Hellenic Capital Markets Commission to launch an all-cash mandatory tender offer to acquire the remaining shares of Terna Energy.
Source: theenergyyear.com