Masdar has agreed to initially purchase 67% of Greece’s Terna Energy, a clear vitality infrastructure developer, in a €3.2 billion ($3.4 billion) deal.
Masdar, an Abu Dhabi-based renewables developer, has agreed to accumulate a majority stake in Greek vitality firm Gek Terna.
Masdar stated in a press launch that it signed “a definitive settlement with Gek Terna and different shareholders to accumulate initially 67% of the excellent shares of Terna Energy upon completion of the transaction at a value of €20 per share.”
Masdar added that the acquisition value represents an fairness valuation of €2.4 billion and an enterprise worth of €3.2 billion, marking the most important vitality transaction within the historical past of the Athens Stock Exchange and one of many largest in Europe’s clear vitality sector.
Upon securing the required regulatory approvals and shutting of the preliminary transaction, Masdar plans to launch an all-cash obligatory tender provide to accumulate 100% of Terna Energy’s shares.
The €3.2 billion deal is Masdar’s largest enterprise transfer in Greece up to now. In December 2023, Masdar and the Greek authorities additionally reached a minor settlement to construct a 7 MW photo voltaic plant on the Greek island of Poros, which is predicted to cowl a big a part of the wants of electrical energy on the island. Masdar will absolutely sponsor the 7 MW undertaking.
Founded in 1997, the Greek firm is a frontrunner within the wind vitality sector in Greece, with about 1.2 GW of working offshore wind vitality capability. The 330 MW Kafireas undertaking on Evia Island is Terna Energy’s largest working wind undertaking, comprising a cluster of various wind farms situated at comparatively brief distances.
The firm additionally continues its plans for the Greek offshore wind vitality market, which is beginning to take form. In November, the corporate was awarded one among two “analysis licenses” issued by the Greek authorities for the event of offshore wind energy farms in North Eastern Greece, between Alexandroupoli and the island of Samothraki.
Terna Energy additionally operates 8.5 MW of photo voltaic capability. However, it’s at the moment constructing or about to start out constructing one other 101 MW of PV capability in Greece and has a 2 GW photo voltaic pipeline for which it’s in search of licenses.
Terna Energy’s presence in vitality storage is important. The firm is constructing its Amphilochia pumped hydroelectric vitality storage undertaking, which upon completion is predicted to have a complete put in capability of 680 MW (manufacturing) and 730 MW (pumping). The undertaking, situated in Aetolia-Acarnania, North Western Greece, is the most important grid-connected vitality storage funding in Greece, exceeding €500 million. Terna Energy has additionally not too long ago submitted a €120 million mortgage request to the European Investment Bank for the undertaking.
In February 2024, Terna was awarded two contracts within the second vitality storage tender in Greece. It received a 40 MW undertaking and a separate 12 MW set up beneath its Heron subsidiary, the place the corporate will obtain public subsidy assist within the type of capital and operational expenditure.
Sultan Al Jaber, the minister of business for the United Arab Emirates and the chairman of Masdar, stated that the Terna Energy deal “marks an necessary milestone in Masdar’s technique to broaden its portfolio to 100 GW of unpolluted vitality in 2030 and can make an excellent contribution to the renewable vitality capability of Greece.”
Separately, Masdar additionally signed preliminary agreements with two different vitality corporations to develop wind energy crops in Greece and Egypt.
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