Masdar finalizes full acquisition of Greece’s Terna Energy

Masdar, the United Arab Emirates’ leading renewable energy company, announced on Thursday that it has fully acquired Greek renewables firm Terna Energy, marking a significant step in its international growth strategy.

The acquisition follows Masdar’s initial purchase of a 70% stake in November 2023, at €20 per share, which valued Terna at an enterprise value of €3.2 billion ($3.52 billion) and an equity valuation of €2.4 billion. The remaining shares were secured through a mandatory tender offer and a subsequent squeeze-out of remaining shareholders, the company said in a statement.

Masdar’s move comes as the global renewable energy sector faces high interest rates and rising debt costs, creating acquisition opportunities for well-capitalized players. The company has been accelerating its presence across European markets, leveraging its financial strength and strategic backing.

“Terna’s acquisition reflects Masdar’s deep commitment to accelerating the energy transition in Greece and across Europe,” said Masdar CEO Mohamed Jameel Al Ramahi.

Global Ambitions: 100 GW by 2030

The acquisition aligns with Masdar’s bold target to scale its renewable energy capacity to 100 gigawatts by 2030, up from its current pipeline of about 51 gigawatts at various development stages. Beyond Europe, Masdar is eyeing expansion in Asia and the United States, tapping into emerging markets and clean energy demand.

Headquartered in Abu Dhabi, Masdar is jointly owned by UAE utilities giant TAQA, national oil company ADNOC, and sovereign investor Mubadala Investment Company.

With the Terna Energy acquisition now finalized, Masdar is positioned as a growing force in the global clean energy race — at a time when energy security, sustainability, and investment in renewables have never been more critical.