Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar»), a leading clean energy force in the United Arab Emirates, announced today the successful completion of the acquisition of 70% of the shares of TERNA Energy from the GEK TERNA and other shareholders, having received all required regulatory approvals. According to the relevant announcement, the agreement, with a price of 20 euros per share, valued the business value of TERNA Energy at 3.2 billion. euro, being the largest transaction in the energy sector in the history of the Athens Stock Exchange and one of the largest in the renewable energy sector in the EU.

After the completion of the transaction, Masdar will request the necessary regulatory approvals from the Capital Market Commission (EC) to launch a mandatory cash public offering, with the aim of acquiring all the remaining shares of TERNA Energy.

It is noted that TERNA Energy has been a key player in the renewable energy sector for over two decades, owning the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland. The company owns and operates clean energy projects in wind, solar and hydropower technologies as well as biomass, while as a leader in renewable energy sources in Greece, it also builds one of the largest pumped storage projects in Europe, the 680 MW Amfilochia project. With TERNA Energy currently operating projects with an installed capacity of 1.2 GW, the acquisition reflects Masdar’s confidence in the company’s impressive growth potential, with a target of 6 GW by 2029. TERNA Energy will play an important role in enhancing of Masdar’s portfolio across Europe as it aims globally for 10 GW by 2030 to support the energy transition.

O Mohamed Jameel Al RamahiCEO of Masdar, said: “Masdar is proud to become the main shareholder of TERNA Energy, joining two leading forces in the energy sector. Our shared vision and long-term capital commitment will pave the way for significant growth opportunities, supporting TERNA Energy’s strategy to contribute to Greece’s ambitious renewable energy goals. Masdar’s acquisition strategy focuses not only on acquiring assets, but also on investing in great teams. Our ambition is to establish TERNA ENERGY as one of our key regional platforms, which will help us achieve our ambitious goals. I look forward to working with the Executive Chairman, Georgios Peristeris, and the CEO, Emmanuel Maragoudakis, to support the energy transition in Greece and Europe.”

THE George PeristerisChairman and CEO of GEK TERNA Group, and Executive Chairman of TERNA Energy, said: “Our agreement with Masdar reflects the unparalleled leadership role of TERNA Energy in the energy transition of Greece as well as Southeastern Europe, as a result of consistent and of our continuous efforts for over 25 years to create the largest and fastest growing clean energy platform in our country. Sharing a vision with Masdar for clean, affordable and domestically produced energy, we look forward to working together for a future full of unlimited growth potential for TERNA Energy.”