Masdar to buy 67% stake in Greece’s TERNA ENERGY

This will support the UAE-based firm’s goal to reach 100 GW of capacity by 2030.

United Arab Emirates-based energy firm Masdar entered a $3.4b (EUR3.2b) definitive agreement with GEK TERNA SA to initially acquire a 67% stake in Greece’s TERNA ENERGY.

In a statement, Masdar said the proposed acquisition will support its expanding portfolio in Europe as it aims to reach 100 gigawatts (GW) of global capacity by 2030.

Upon the completion of the transaction, Masdar will launch an all-cash mandatory tender to acquire TERNA ENERGY’s remaining outstanding shares.

“We look forward to completing the transaction and starting to work with TERNA ENERGY’s leadership team to supercharge their ambitious growth plans in support of Greece’s energy transition,” Masdar CEO Mohamed Jameel Al Ramahi said.

TERNA ENERGY is the largest renewable energy investor in Greece with a target to reach a renewable operational capacity of 6 GW.