Latest news with #TernaEnergy
Trade Arabia
04-05-2025
- Business
- Trade Arabia
Masdar completes acquisition of Greece's largest renewables firm
Masdar, the UAE's clean energy leader, has announced its subsidiary Terna Energy has completed its delisting from the Athens Stock Exchange, following Masdar's acquisition of 100 per cent of the company's stock last month, reported WAM. A delegation led by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Masdar, together with Chief Executive Officer Mohamed Jameel Al Ramahi, toured Terna Energy's Athens headquarters and met employees from across the organisation. They held strategic discussions with Terna Energy Executive Chairman Georgios Peristeris, the first since the acquisition, centred on Masdar's strategy to expand the business and accelerate renewable energy growth in Southeastern and Central Europe. Al Jaber said: 'Bringing Terna Energy into the Masdar family strengthens our position in Greece and the wider region, enabling us to expediate the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets. This acquisition also demonstrates the commitment of both the UAE and Masdar to bringing affordable, secure and sustainable energy to all.' Through the acquisition, Masdar will simultaneously support Greece's National Energy and Climate Plan, the EU's ambition to reach net zero emissions by 2050, and advance its own global target of achieving 100 gigawatts (GW) of clean energy capacity by 2030. Terna Energy is targeting an operational portfolio capacity of 6GW by 2030 and will be supported by Masdar's long-term capital and global expertise. Al Ramahi said: 'With Terna Energy now delisted from the Athens Stock Exchange, we can maximise and leverage the combined expertise and experience of both workforces to accelerate the implementation of clean energy projects in Greece and across the region. By establishing Terna Energy as our flagship platform for the region, we will both support our own renewable energy objectives and drive energy transformation in Europe.' Peristeris said: 'The delisting of Terna Energy following its acquisition by Masdar marks the full integration of the two companies, creating a strong platform for accelerated growth based on their shared commitment to clean, affordable, and domestically produced energy. As part of Masdar's global network, Terna Energy is now ideally positioned to expand its leadership in the renewable energy sector in Greece and the wider region'. The delisting from ATHEX follows a productive first quarter for Terna Energy, which has seen the continuation of construction on key projects in Greece and Bulgaria, including the Amphilochia plant, one of largest pumped storage hydropower projects in Europe, and Masdar's first pumped hydro project in the region. The business has also reached final investment decisions on new solar, wind and battery projects with combined capacity of 250MW. These plants are due to be operational within the next two years. Masdar acquired 70 per cent of Terna Energy from GEK TERNA SA and other shareholders in November last year, in a deal that gave the company an enterprise value of €3.2 billion (3.6 billion)– the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry. An all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 percent of the company, at a price of 20 euros per share, was completed last month.
Gulf Today
02-05-2025
- Business
- Gulf Today
Masdar completes acquisition of Greece's firm Terna Energy
Abu Dhabi Future Energy Company (Masdar), the UAE's clean energy leader, announced on Friday its subsidiary Terna Energy has completed its delisting from the Athens Stock Exchange, following Masdar's acquisition of 100 per cent of the company's stock last month. A delegation led by Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Masdar, together with Chief Executive Officer Mohamed Jameel Al Ramahi, toured Terna Energy's Athens headquarters and met employees from across the organisation. They held strategic discussions with Terna Energy Executive Chairman Georgios Peristeris, the first since the acquisition, centred on Masdar's strategy to expand the business and accelerate renewable energy growth in Southeastern and Central Europe. Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Masdar, said, 'Bringing Terna Energy into the Masdar family strengthens our position in Greece and the wider region, enabling us to expediate the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets. This acquisition also demonstrates the commitment of both the UAE and Masdar to bringing affordable, secure and sustainable energy to all.' Through the acquisition, Masdar will simultaneously support Greece's National Energy and Climate Plan, the EU's ambition to reach net zero emissions by 2050, and advance its own global target of achieving 100 gigawatts (GW) of clean energy capacity by 2030. Terna Energy is targeting an operational portfolio capacity of 6GW by 2030 and will be supported by Masdar's long-term capital and global expertise. Mohamed Jameel Al Ramahi, Masdar CEO, said, 'With TERNA ENERGY now delisted from the Athens Stock Exchange, we can maximise and leverage the combined expertise and experience of both workforces to accelerate the implementation of clean energy projects in Greece and across the region. By establishing TERNA ENERGY as our flagship platform for the region, we will both support our own renewable energy objectives and drive energy transformation in Europe.' Georgios Peristeris, Chairman and CEO of GEK Terna and Executive Chairman of TERNA ENERGY, said, 'The delisting of Terna Energy following its acquisition by Masdar marks the full integration of the two companies, creating a strong platform for accelerated growth based on their shared commitment to clean, affordable, and domestically produced energy. As part of Masdar's global network, Terna Energy is now ideally positioned to expand its leadership in the renewable energy sector in Greece and the wider region'. The delisting from ATHEX follows a productive first quarter for Terna Energy, which has seen the continuation of construction on key projects in Greece and Bulgaria, including the Amphilochia plant, one of largest pumped storage hydropower projects in Europe, and Masdar's first pumped hydro project in the region. The business has also reached final investment decisions on new solar, wind and battery projects with combined capacity of 250MW. These plants are due to be operational within the next two years. Masdar acquired 70 per cent of Terna Energy from GEK Terna SA and other shareholders in November last year, in a deal that gave the company an enterprise value of 3.2 billion euros – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry. An all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 percent of the company, at a price of 20 euros per share, was completed last month. In March, Masdar announced an agreement with Endesa S.A. to acquire a 49.99 per cent stake in four solar plants in Spain, with a total capacity of 446 megawatts (MW). The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest Dhs702 million (€184 million) for the stake in the assets, which have an enterprise value of Dhs1.4 billion (€368 million). These operating assets mark a significant milestone in Masdar's continued growth in the Iberian Peninsula and across Europe, and further its commitment to advancing the region's renewable energy ambitions. The proposed acquisition follows last year's agreement between Masdar and Endesa to partner in a portfolio of over 2GW of solar assets, with the potential to add 0.5GW of battery storage, in one of Spain's biggest renewable energy transactions in recent years. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: 'This acquisition further reflects Masdar's commitment to supporting Europe's decarbonisation goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond, while driving sustainable growth and boosting prosperity.' WAM
The National
02-05-2025
- Business
- The National
Masdar announces 'milestone' 100% acquisition of Greek renewables company Terna Energy
Masdar marked a significant expansion in Europe on Friday with the 100 per cent acquisition of Greek clean energy company Terna Energy. Abu Dhabi's clean energy company had acquired 70 per cent of Terna Energy in 2024. On Friday, the Greek company delisted from the Athens stock exchange after its full acquisition by its largest shareholder. ''With full ownership of all shares, we can fully integrate Terna Energy into our global operations and accelerate the implementation of our shared vision for renewable energy development in Greece and across wider Europe, establishing Terna Energy as our flagship platform in the region,'' said Mohamed Jameel Al Ramahi, CEO of Masdar. ''Masdar's long-term capital and global expertise will supercharge Terna Energy, as we target a global clean energy portfolio capacity of 100GW by 2030. This acquisition underscores Masdar's commitment to driving the energy transformation in Greece and other European countries.'' Terna Energy has projects in Bulgaria and Poland, in addition to its diversified portfolio in Greece. Of its total installed capacity of 1,224MW, 102MW are in Poland and an additional 30MW are located in Bulgaria. It is also currently building the 680MW Afilochia project in Greece, which Terna Energy said will be one of the largest pumped hydro projects on the continent. Terna Energy hopes to grow to 6GW by 2030. In addition to Greece, Masdar has made large steps in expanding operations in the Iberian Peninsula, including an agreement to acquire a 49.99 per cent stake in four power plants, which have a total capacity of 446MW. The deal was made in partnership with Spanish utility company Endesa SA. Masdar announced that same month it had bought Valle Solar, one of the largest solar projects in Spain's Valencia region. It is expected to be operation in the first half of 2027 and will have a 234MW photovoltaic plant. The announcement came during an official visit to Greece by senior government officials and representatives from leading UAE companies. During the visit Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, held talks with Greek Prime Minister Kyriakos Mitsotakis. During his meeting with Mr Mitsotakis, he 'reaffirmed the UAE's commitment to strengthening bilateral co-operation and expanding it to new strategic areas of mutual interest'. Meetings also took place with Dr Al Jaber and Kostis Hatzidakis, Deputy Prime Minister of Greece, as well as Nikos Dendias, Greek Minister for National Defence. An announcement was also made during the visit, confirming the two countries would continue implementing the existing UAE-Greece double taxation agreement, with emphasis on a shared commitment to 'a stable investment climate and deeper economic co-operation'. The total value of non-oil trade between the UAE and Greece reached Dh2.22 billion in 2024, representing a six per cent year-on-year increase, which was fuelled by a 26.3 per cent rise in imports. In the first quarter of 2025, trade between the two countries grew by more than 40 per cent compared to the same period the previous year, supported by a more than 140 per cent increase in exports, a 46 per cent increase in re-exports, and a 26 per cent rise in imports, Wam reported. Over the past five years, non-oil trade between the UAE and Greece has grown by 80 per cent, with significant increases in exports (72 per cent) and imports (84 per cent).
Arabian Business
11-04-2025
- Business
- Arabian Business
Abu Dhabi's Masdar concludes 100% acquisition of Terna Energy
Abu Dhabi Future Energy Company (Masdar) has successfully completed the 100 per cent acquisition of Terna Energy. Masdar acquired 70 per cent of Terna Energy from GEK Terna SA and other shareholders in November last year for an enterprise value of 3.2 billion euros ($3.56 billion). It has now completed an all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 per cent shares of the company at a price of 20 euros ($22.24) per share. Masdar finalises Terna takeover Terna Energy has been a key player in the renewable energy sector in Southeastern and Central Europe for over two and a half decades. It holds the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland. It owns and operates clean energy projects across wind, solar, biomass and hydro technologies – and is building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project. It has a total installed capacity of 1,224 MW in Greece and abroad, is currently constructing 197 MW of photovoltaic (PV) projects in Greece and Bulgaria. Masdar will now initiate the process of delisting the company from the Athens Stock Exchange. The transaction is expected to provide significant capital investment in Greece and wider Europe, supporting the company's contribution to Greece's National Energy and Climate Plan (NECP) and the EU's net zero by 2050 target. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented: 'With full ownership of all shares, we can fully integrate Terna Energy into our global operations and accelerate the implementation of our shared vision for renewable energy development in Greece and across wider Europe, establishing it as our flagship platform in the region. 'Masdar's long-term capital and global expertise will supercharge Terna Energy, as we target a global clean energy portfolio capacity of 100GW by 2030. This acquisition underscores Masdar's commitment to driving the energy transformation in Greece and other European countries.' The company's Executive Chairman, Georgios Peristeris, and other members of the senior management team will continue in their current leadership roles. Peristeris said: 'The successful completion of Terna Energy's acquisition by Masdar marks the full integration of the two companies. Our shared commitment to clean, affordable, and domestically produced energy creates a powerful foundation for accelerated growth. 'As part of Masdar's global family, Terna Energy is well-positioned to expand its leadership in the renewable energy sector in Greece and the wider region.' The acquisition demonstrates the scale and ambition of Masdar's growth plans in the region, and further solidifies the Abu Dhabi-based clean energy company's role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.
Trade Arabia
10-04-2025
- Business
- Trade Arabia
Masdar expands in Europe by fully acquiring Terna Energy
Masdar has announced that it holds 100 per cent of Greece's Terna Energy, following the completion of an all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 per cent shares of the company at a price of €20 ($22.09) per share. Masdar acquired 70 per cent Of Terna Energy from GEK Terna and other shareholders in November last year, in a deal that gave the company an enterprise value of 3.2 billion euros – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry. Terna Energy has been a key player in the renewable energy sector in Southeastern and Central Europe for over two and a half decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland and has a solid pipeline of growth opportunities. Greece's renewable energy leader owns and operates clean energy projects across wind, solar, biomass and hydro technologies – and is building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project. Of the company's total installed capacity of 1,224 MW in Greece and abroad, 102 MW are located in Poland and 30 MW in Bulgaria. Terna Energy continues the development of its portfolio with 197 MW of photovoltaic (PV) projects currently under construction in Greece and Bulgaria. Following the successful completion of the MTO and squeeze-out, Masdar will initiate the process for the company's delisting from the Athens Stock Exchange, subject to regulatory approval from the Hellenic Capital Market Commission. The transaction is expected to provide significant capital investment in Greece and wider Europe, supporting the company's contribution to Greece's National Energy and Climate Plan (NECP) and the EU's net zero by 2050 target. The successful acquisition demonstrates the scale and ambition of Masdar's growth plans in the region, and further solidifies Masdar's role as a trusted global energy transition partner to governments, investors, developers and communities across the globe. The company's Executive Chairman, Georgios Peristeris, and other members of the senior management team are continuing in their current leadership roles, supporting Masdar and Terna Energy in their next phase of growth. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: 'With full ownership of all shares, we can fully integrate Terna Energy into our global operations and accelerate the implementation of our shared vision for renewable energy development in Greece and across wider Europe, establishing Terna Energy as our flagship platform in the region. Masdar's long-term capital and global expertise will supercharge Terna Energy, as we target a global clean energy portfolio capacity of 100GW by 2030. This acquisition underscores Masdar's commitment to driving the energy transformation in Greece and other European countries.' Georgios Peristeris, Chairman and CEO of GEK Terna and Executive Chairman of Terna Energy, said: 'The successful completion of Terna Energy's acquisition by Masdar marks the full integration of the two companies. Our shared commitment to clean, affordable, and domestically produced energy creates a powerful foundation for accelerated growth. As part of Masdar's global family, Terna Energy is well-positioned to expand its leadership in the renewable energy sector in Greece and the wider region.'
