Masdar buys Greek renewable energy co. Terna for 3.2 Billion Euros

Masdar buys Greek renewable energy co. Terna for 3.2 Billion Euros

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Terna builds dams

Masdar, a renewable vitality investor and likewise the title of the zero-energy city outdoors of Abu Dhabi is shopping for a Greek renewable energy company Terna Energy for the equal of three.2 Billion Euros, equal to about 67% of the corporate’s excellent shares at completion of the transaction. Masdar plans to launch an all-cash necessary tender supply to amass all of the remaining excellent shares of the corporate with the intention of reaching 100%.

It is the biggest ever vitality transaction on the Athens Stock Exchange, and one of many largest within the European renewables market.

The deal is predicted to offer vital capital funding in Greece and different European international locations, supporting Terna’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s web zero by 2050 goal. The proposed acquisition demonstrates the dimensions and ambition of Masdar’s development plans within the area, and additional solidifies Masdar’s function as a trusted international vitality transition companion to governments, traders, builders and communities throughout the globe.

“We are injecting capital and international experience to speed up Terna Energy’s growth, supporting Greece’s renewable vitality ambitions and increasing Masdar’s international attain.

“We look ahead to finishing the transaction and beginning to work with Terna Energy’s management workforce to supercharge their bold development plans in help of Greece’s vitality transition,” says Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.

Established in 1997, Terna is a number one European clear vitality platform, with a observe file of greater than 25 years of delivering progressive and sustainable tasks. The firm makes a speciality of financing, creating, establishing and working renewable vitality amenities, targeted on wind, photo voltaic, hydroelectric and pumped storage tasks.

The firm has just lately introduced its development plan concentrating on renewable vitality operational capability of 6GW by 2030. With a robust portfolio of tasks in Greece and Europe, Terna is the biggest investor within the renewables vitality sector in Greece.

Masdar has retained Rothschild & Co. as sole monetary advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as authorized advisors, in reference to the transaction and financing.

Terna Energy is a Greek renewable vitality firm that’s listed on the Athens Exchange. The firm is a subsidiary of Greek conglomerate GEK Terna, which via its subsidiary Heron SA is as nicely concerned within the development and operation of thermoelectric energy technology fuelled with pure fuel.