Masdar, the Abu Dhabi-based renewable vitality main, stated it has agreed to purchase Greece’s Terna Power in a €3.2 billion ($3.4 billion) deal.
The settlement signed June 20 is without doubt one of the largest renewable vitality transactions within the historical past of the European Union. Masdar—often known as Abu Dhabi Future Power Co.—stated Thursday it had a “definitive settlement” to purchase a 67% stake in Terna Power, a subsidiary of GEK Terna Group. Terna Power holds the most important portfolio of renewable vitality initiatives in Greece, with about 2.5 GW both in operation, below building, or able to be constructed.
The deal remains to be topic to regulatory approval. Masdar additionally stated it would launch an all-cash necessary tender provide to purchase the remaining shares of Terna Power and absolutely take over the utility.
Masdar officers stated Thursday’s deal values Terna Power’s whole fairness at €2.4 billion ($2.57 billion), with an enterprise worth of €3.2 billion. The acquisition is the largest-ever vitality transaction on the Athens Inventory Change.
Extra Capital Funding in Greece
The businesses stated the deal is predicted to pave the way in which for extra capital funding in Greece and different European international locations from teams in search of to develop their renewable vitality holdings. Masdar additionally stated it’s a part of the corporate’s technique to contribute to Greece’s Nationwide Power and Local weather Plan, and help the EU’s goal of net-zero carbon emissions by 2050
“Right this moment marks a serious milestone in Masdar’s technique to develop its portfolio to 100 GW of unpolluted vitality by 2030, and it’ll make a considerable contribution to the renewable vitality capability of Greece,” stated Dr. Sultan bin Ahmed Al Jaber, the United Arab Emirates’ (UAE’s) minister of Business and Superior Know-how. Al Jaber is also chairman of Masdar.
“It represents one other main sensible step in realizing one of many central objectives of the UAE Consensus, to triple international renewable vitality capability by 2030,” stated Al Jaber.
Terna is Greece’s main renewable vitality normal investor and is on the forefront of the nation’s efforts to put in extra renewable vitality technology capability.
“Our settlement with Masdar is a recognition of the good worth of Terna Power and the results of the exhausting work of tons of of individuals for greater than 25 years,” stated Georgios Peristeris, chairman and CEO of GEK Terna. Peristeris is also government chairman of Terna Power. “On the similar time, it marks the start of a brand new period of even larger progress for GEK TERNA Group,” stated Peristeris. “Additionally it is a robust vote of confidence for Greece and its prospects.”
Terna Power was based in 1997. The corporate focuses on financing, growing, constructing and working renewable vitality amenities, centered on wind, photo voltaic, hydroelectric, and pumped storage initiatives.
—Darrell Proctor is a senior affiliate editor for POWER (@POWERmagazine).
