The Abu Dhabi Future Power Firm (Masdar), a number one pressure within the United Arab Emirates’ clear vitality sector, introduced a big acquisition on June 20, 2024. Masdar has struck a definitive settlement with GEK TERNA SA and different shareholders of TERNA ENERGY SA, a distinguished Greek renewable vitality firm. The deal signifies Masdar’s formidable plans to solidify its presence within the European renewables market.
The settlement entails Masdar buying an preliminary 67% stake in TERNA ENERGY, topic to regulatory approvals and customary closing situations. The transaction worth is estimated at €3. 2 billion (US$3. 43 billion), making it the most important vitality deal ever recorded on the Athens Inventory Alternate and one of the crucial substantial within the European renewables sector this yr.
Following the acquisition’s completion, Masdar intends to launch a compulsory tender supply for the remaining 33% of TERNA ENERGY shares. This all-cash supply goals to attain full possession of the Greek firm, additional bolstering Masdar’s renewable vitality portfolio.
Commenting on the landmark deal, Dr. Sultan Al Jaber, Chairman of Masdar and UAE Minister of Business and Superior Know-how, highlighted the strategic significance of the acquisition. “This transfer marks a significant milestone for Masdar’s growth technique and can considerably contribute to Greece’s renewable vitality capability, ” Dr. Al Jaber said. He additional emphasised the settlement’s alignment with the UAE’s dedication to supporting clear vitality improvement in Europe.
The acquisition of TERNA ENERGY aligns with Masdar’s formidable objective of attaining a 100-gigawatt renewable energy technology capability by 2030. TERNA ENERGY’s established presence in Greece, boasting a various portfolio of renewable vitality belongings, provides Masdar a strategic foothold within the European market. TERNA ENERGY’s portfolio consists of operational wind, photo voltaic, and storage amenities, together with a strong improvement pipeline. This acquisition is predicted to speed up Masdar’s progress trajectory within the renewables sector and place it as a key participant within the European vitality transition.
Analysts recommend the deal presents a number of potential advantages for each firms. Masdar positive aspects entry to a well-established renewables platform in Europe, facilitating its growth targets. TERNA ENERGY, however, is poised to learn from Masdar’s experience and monetary sources, enabling additional improvement of its renewable vitality tasks. The mixed entity is predicted to play an important position in driving the clear vitality transition in Greece and past.
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