Masdar has signed a €3.2 billion deal to acquire Greece's 'TERNA ENERGY'.

Abu Dhabi Future Energy Company (Masdar) has announced that it has reached an agreement with GEK TERNA SA and other shareholders of TERNA ENERGY SA to acquire 67% of the company's outstanding shares initially, with the intention of acquiring all remaining shares afterward. The total equity of TERNA ENERGY is valued at 2.4 billion euros with an enterprise value of 3.2 billion euros, making it the largest ever energy transaction on the Athens Stock Exchange and one of the largest in the European renewables market.

The deal is expected to provide significant capital investment in Greece and other European countries, supporting TERNA ENERGY's contribution to Greece's National Energy and Climate Plan and the EU's net zero by 2050 target. This demonstrates Masdar's growth plans in the region and solidifies its role as a global energy transition partner.

Dr. Sultan bin Ahmed Al Jaber, Chairman of Masdar, and COP28 President, stated that the acquisition is a major milestone in Masdar's strategy to expand its portfolio to 100GW of clean energy by 2030, and it will make a substantial contribution to the renewable energy capacity of Greece. He also emphasized the UAE's commitment to Greece and Europe's clean energy development.

Mohamed Jameel Al Ramahi, CEO of Masdar, expressed their intention to accelerate TERNA ENERGY's expansion and extend Masdar's global reach by injecting capital and global expertise. He remarked that TERNA ENERGY is expected to play an important role in Masdar's growing portfolio in Greece and Europe.

Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, commented that the agreement with Masdar marks the beginning of a new era of greater growth for GEK TERNA Group and is a strong vote of confidence for Greece and its prospects.

Masdar has retained Rothschild & Co. as sole financial advisor and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors for the transaction and financing, while GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris as legal advisors, and Morgan Stanley as sole financial advisor to TERNA ENERGY.