UAE’s renewable energy powerhouse Masdar has completed its €3.2 billion acquisition of Terna Energy, gaining full ownership of Greece’s clean energy leader.
The deal—now the largest energy transaction ever recorded on the Athens Stock Exchange—significantly enhances Masdar’s position in Europe’s rapidly expanding renewable energy sector.
“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,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Key Highlights
- Masdar acquires 100% of Greece’s Terna Energy for €3.2 billion
- This marks the largest energy deal on the Athens Stock Exchange
- The move strengthens Masdar’s foothold in Europe amid global clean energy push
- The investment aligns with the EU’s Net Zero 2050 targets and Masdar’s 100GW goal by 2030.
Masdar expands EU Clean Energy presence with full Terna buyout
UAE’s Masdar initially acquired 70% of Terna Energy in November 2024 from GEK TERNA SA and other stakeholders, valuing the company at €3.2 billion. It then followed through with a mandatory tender offer and squeeze-out process to acquire the remaining 30% of shares at €20 per share. Following regulatory approval from the Hellenic Capital Market Commission, Terna Energy is now officially delisted from the Athens Stock Exchange. Rothschild & Co. advised Masdar on financial matters, while Simmons & Simmons and Bernitsas Law provided legal counsel.
This acquisition allows Masdar to take full operational control, integrate the company into its global network, and increase investment across Greece, Bulgaria, and Poland. It also sharpens Masdar’s focus on meeting its target of developing 100GW of clean energy capacity by 2030.
“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,” Al Ramahi added.
Terna Energy brings more than just assets to the table—it brings legacy and leadership. With more than 25 years of history in renewable power, the company holds Greece’s largest and most diversified clean energy portfolio, including wind, solar, biomass, and hydroelectric projects. Its international reach extends to Bulgaria (30MW) and Poland (102MW), bolstering Abu Dhabi-based Masdar’s European profile.
A standout in Terna Energy’s pipeline is the 680MW Amfilochia pumped hydro project, one of the most ambitious of its kind in Europe. Additionally, 197MW of new photovoltaic projects are under construction across Greece and Bulgaria.
Georgios Peristeris, Executive Chairman of Terna Energy, highlighted the deal’s significance, saying: “The successful completion of Terna Energy’s acquisition by Masdar marks the full integration of the two companies. Our shared commitment to clean, affordable, and domestically produced energy creates a powerful foundation for accelerated growth” in the renewable energy sector in Greece and the wider region.
What this means for the EU
The deal couldn’t come at a more strategic moment. With EU nations under pressure to meet aggressive climate targets and transition from fossil fuels, private capital is playing a growing role in powering the shift. By injecting fresh investment into projects aligned with the EU’s Net Zero 2050 agenda and Greece’s National Energy and Climate Plan (NECP), Masdar positions itself as both a business force and a climate ally. In parallel, Masdar’s global footprint continues to expand. With plans to grow in the United States and Asia, the company currently holds approximately 51GW of capacity at varying stages of development. The Terna deal pushes it closer to that 100GW ambition.
Masdar’s acquisition comes as Europe’s renewable energy sector experiences steady growth. According to Market Data Forecast, the European renewable energy market was valued at US$142.52 billion in 2024 and is projected to reach US$245.95 billion by 2033, growing at a CAGR of 6.25%. The EU remains one of the most active regions globally for clean energy deployment, with national governments ramping up investment following the energy crisis and reduced Russian gas imports.
In 2023 alone, the EU poured nearly US$110 billion into renewables generation, up more than 6% from the previous year. These figures underscore the urgency—and opportunity—driving large-scale investments like Masdar’s.
Why it matters
This acquisition is significant for several reasons. First, it strengthens Masdar’s role as a key player in Europe’s energy transition, positioning the company at the forefront of the continent’s push to meet its clean energy goals. Masdar’s expertise and investment will fuel the continued growth of Terna Energy’s existing and upcoming renewable projects in Greece, Bulgaria, and beyond. Moreover, the deal demonstrates the increasing importance of Middle Eastern investments in Europe’s energy landscape, where companies like Masdar are accelerating the shift toward renewables amidst rising debt costs and tightening environmental regulations.
What’s next?
Looking ahead, Masdar plans to further integrate Terna Energy into its global operations, driving innovation and scaling its impact across Europe. The company will continue to invest in renewable energy projects, particularly in Greece, Bulgaria, and Poland, where Terna Energy’s diversified portfolio offers vast growth potential.
As Masdar targets a 100GW renewable energy portfolio by 2030, the company’s focus will also extend beyond Europe, with significant plans for growth in the United States and Asia. With full ownership of Terna Energy now secured, Masdar is poised to lead in both the European and global renewable energy markets.
