Masdar Completes Strategic Acquisition of TERNA ENERGY
Masdar has proudly announced the completion of its acquisition of 70% of the outstanding shares of TERNA ENERGY, marking a significant milestone for the company as it becomes the majority shareholder of Greece's clean energy leader.
Regulatory Steps and Future Plans
Following the finalization of this transaction, Masdar is set to pursue regulatory approvals required to launch an all-cash mandatory tender offer for the remaining shares of TERNA ENERGY. This strategic move is expected to bolster Masdar's efforts in the renewable energy sector.
Ambitious Growth Targets for the Future
Masdar aims to leverage its global expertise and long-term financial resources to supercharge TERNA ENERGY's growth trajectory. The company is working towards achieving an operational capacity of 6GW of renewable energy by 2029, pushing forward the energy transition initiatives in the region.
Expanding Horizons in European Renewable Energy
The acquisition is a key component of Masdar's ambition to enhance its portfolio across Europe, with aspirations to reach a global renewable energy capacity of 100GW by 2030. This collaboration highlights both companies' commitment to advancing sustainable energy solutions in the region.
Statements from Leadership
Mohamed Jameel Al Ramahi, the Chief Executive Officer of Masdar, expressed excitement over this development: "We are thrilled to become the majority stakeholder in TERNA ENERGY. By combining our visions, we aim to unlock vast opportunities for growth and success in renewable energy across Greece and Europe." He added that Masdar’s strategy focuses on investing in exemplary teams and assets to achieve significant results.
Role of TERNA ENERGY in the Renewable Landscape
TERNA ENERGY has been a significant player in the renewable energy sphere for over twenty years, boasting the largest and most varied project portfolio in Greece. The company operates numerous clean energy projects and is recognized for developing one of Europe's largest pumped hydro projects.
Georgios Peristeris, the Chairman and CEO of GEK TERNA, also shared his thoughts: "This partnership with Masdar underscores TERNA ENERGY's leadership in the energy transition across Greece and southeastern Europe. Together, we aim to foster domestic clean energy production, ensuring future growth for the company and the sector."
Building a Sustainable Future Together
As Masdar and TERNA ENERGY forge ahead, they are well-positioned to not only enhance their operational capabilities but also make significant strides towards achieving sustainable energy goals. The collaboration promises to expand the clean energy landscape, catering to rising energy demands while contributing to climate goals.
About Masdar
Masdar, known as the Abu Dhabi Future Energy Company, is known globally as a leading renewable energy innovator. Established in 2006, it specializes in solar, wind, and other sustainable technologies, actively working to support global net-zero aspirations. Masdar has amassed vast operational knowledge and successfully invested in over 40 projects worldwide, collectively achieving a capacity exceeding 31.5 gigawatts (GW).
About TERNA ENERGY
TERNA ENERGY is a principal contributor to the renewable energy market in Greece, boasting an operational capacity of 1,224 MW and a robust pipeline of projects. The company continues to navigate its investment strategy for an ambitious target of a total installed capacity nearing 6 GW by 2029, reinforcing its position as a renewable leader in Europe.
Frequently Asked Questions
What is the significance of Masdar's acquisition of TERNA ENERGY?
The acquisition solidifies Masdar's position as a key player in the renewable energy sector, enabling enhanced growth and expanded operations in Europe.
How does this acquisition impact TERNA ENERGY's future?
This infusion of resources and expertise from Masdar is expected to accelerate TERNA ENERGY’s ambitious goal of achieving a renewable capacity of 6GW by 2029.
What are Masdar’s future energy goals?
Masdar aims to achieve a total renewable energy portfolio of 100GW globally by the year 2030.
Who is leading the strategic direction at Masdar?
Mohamed Jameel Al Ramahi serves as the CEO of Masdar and guides the company's strategic vision and operations.
What technologies does Masdar focus on?
Masdar prioritizes the development of solar, wind, geothermal, battery storage, and green hydrogen technologies.
