UAE’s renewable energy company Masdar has announced it has fully acquired Greece’s Terna Energy.
It bought a majority stake (70%) in the company last year as part of its international expansion strategy, which gave Terna an enterprise value of €3.2 billion (£2.7bn).
Masdar also bought the remaining shares and now holds 100% of the stake in the company.
Terna owns and operates projects across wind, solar, biomass and hydropower technologies and is building one of the largest pumped hydro projects in Europe – the 680MW Amfilochia project.
Out of the company’s total installed capacity of 1,224MW in Greece and aboard, 102MW of projects are located in Poland and 30MW in Bulgaria.
A total of 197MW of solar projects are also currently under construction in Greece and Bulgaria.
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.”
